presentation, page-3

The reason for the presentation is that Austock is (very, very) interested in the STP business. They have provided their clients with a profile of STP but aren’t recommending investment until the after legal case is settled.

Daniels may be a lot of things but probably not a “goose” from what I can tell. Just ask Nuplex. They paid almost $21m for the business that STP eventually acquired for around $3m. They essentially lost major contracts (including to STP) that Daniels had worked hard to get.

I agree on a couple of points, one, STP wasted money (accumulated losses well over $30m) while Daniels was making money from waste, and two, the relationship with Daniels is a concern but that's up to the independent directors on the board to scrutinize.

Daniels holds almost 50% of STP and has, on paper, effectively doubled his money (his average price must be under 5c – estimated 4.9c) in two to three years. He has only three places to go, take the whole company, sell out, or build the company. For the former things have to go bad (worse); history suggests he won’t be selling out cheap, or he expands the product base.

Given the biggest shareholders (very successful in their own right) other than Daniels have more in common with him than STP (and donating to charities) and have invested at 8.5c and 10c, what do you think will happen? I can tell, but the days of a share price in single digits must be just about at an end. Sorry to babble on but thought you might be interested.