Trini provides us with some material eveidence which judging by the poor show of ticks is being ignored.

Some momentum seems to have been gained here along the lines that the award of options should be linked SP improvement. In other words, it's our turn to benefit.

To my mind this is a populist notion; of course we all want to benefit from share price improvement, its what makes us feel good and why we invested in the first place. But the SP is clearly more affected by market forces than the obvious good work done by management to build our investment's net worth as well as its capacity to become a real winner. Work such as bringing the right management on board, the acquisitions which add significantly to the scientific talent available, which lets face it is vital since Geoffrey Taylor's retirement, and to add vital business processes that are needed to commercialise PTI by providing a sales and distribution network as well as a solid customer base for photonic products..

Lets face it what we got from the THM was directed at us retail share holders because we asked for more communication, but unfortunately, without deals and forecasts included in the briefing, it has not impressed the analysts who can push this share forward. Why? Because management feel that this is not the priority, despite indicating that they are building the financial case they quite correctly want to understand customer needs in the photonics arena first.

Eileen in an E Mail pointed to the fact just one revealing announcement will significantly drive the SP forward. No one here has truly grasped how or what the restrictions that NDA place on this emerging company and necessary imposition of silence. Clearly, by dismissing the naming of names as a discussion point at the THM, management were saying to us, that they are not ready or able to make that reveal announcements we desire yet. So no matter how much bleating and stick waving, through denying them options flexibility, goes on in this forum, the SP poke you want from management will simply not happen yet. The traders spotted this and down the SP goes.

My view therefore is to allow management the freedom they request to exercise their plans. I also feel that shareholder fatigue is a factor in clouding judgement on the options issue. I trust this new management and find that the perks they have personally received to date are not stellar. They now they have to cater for the needs of new talent, with abilities that we have not yet appreciated. For PC and GT to benefit from the option perks, that they have deservedly received, there is simply no other method for them to move other than what is currently occurring. It s a simple necessity timed to take advantage of a lull in proceedings before we get to the real meat of what this company has achieved, and what management knows is ahead to satisfy shareholders.

Finally, I feel that the disappointment that the predicted reveal did not occur at the THM, as many here expected, has kicked off a rather spiteful anti management movement which considering the major achievements of the first real operational year that of this team, is a very underserving reaction from shareholders.

They need our support lets give it to them by supporting their requests for more option flexibility.

sula