Rebels:

The principal concern that I have with the way Management communicates, is duo fold. First they in recent times do not announce an event or condition until it is significantly in the past. This was demonstrated by the fact that a couple of months had gone by where apparently they had been experiencing loss problems before they ever made any mention of the issue.

Secondly, once they do open up and begin to communicate bad news, their approach is one of a very long missive in which the salient points are buried in a very long news release and occupy a deeply buried in the text, brief and vague statement. One can only assume they use such an approach in order to hide the issues from view.

This, if correct, goes directly to the issue of trust and would therefore be of extreme concern to any invested in the company. Without the element of trust, it is very difficult to have much in the way of confidence in any company management.

This combined with the provision of diluting common shareholders through "insider" options being exempt from dilution for "insiders", has caused me concern for the sense of "fair play" and commitment to commonality of interest with common shareholders Management possess. These are issues which go directly to the commonality of interests which I consider integral to the needs of "victimless" investing.

Brian