Underlying Loss, page-4

Very dissapointed by management. All indications from management were that the Lincor deal was on track. You have to ask yourself after spending $2M to put the deal together how did they stuff it up ? No-one has given an answer to that question. There won't be any cordial discussions this year as I won't be there ! I'm suspecting they will go the way of Legend Corporation, gradually get thier cost base in line with thier revenue but at the same time face margin pressure from their customers i.e. Creston - friend turned foe. One step forward, two steps back. I was also nervous of the ongoing deal with Lincor after the IPO was cancelled. As for the share price it will grind slowly lower. There are no catalysts and the full year results on the half year results are going to be a great deal better. If Menz can pull off the turn around its at least 18 months away and there is a lot of "I just want my money back " holders in the stock now which will mute any SP appreciation.