one for the doc., page-4

This only a proposal at this stage , shareholder approval is still required and this could take up two months. 90c is too a proposal based on end of financial year 2002 figures stating that there is 86 mill still in the bank. With 75,617,630 shares on issue this equates to about $1.14 a share -cash backed .

So at this stage on the figures that we are using SNX is still trading at a discount to cash with no valuation on the business of Securenet!!!!!!