From: Self <adx>
To: Martin Elton <melton@xtra.co.nz>
Subject: OFFER
Date sent: Tue, 30 Nov 1999 00:45:47

This is a realistic and constructive way to move forward, if you are prepared to listen.

First the facts we all know. Loadtek never ceased trading back on the 20th June 1999, as made obvious by both directors' actions in the days following the meeting. You continued to trade as Loadtek for some time since this date. If you remember, you were not prepared to put in any more time or money into a Company which you thought was going nowhere. Once the stock and plant are gone, I believe that Loadtek has very little worth, except that it is the only company licenced to use my thousands of hours of unpaid work. I can't see you paying much for it anyway.

The stock that Loadtek had at that time has been divided up, remember that you asked me to send a copy of the proposed split to the accountant. This clearly details that 'your' stock was to remain with Loadtek in which I would retain a 5% shareholding.

I shipped a load to XXX back in Feb this year. I put in a lot of work, including chasing up payment which our bank would not accept Payment is still be due to me. I have also arranged the accounts in general and helped you with errors in your GST return. I offered you the use of my Visa merchant account, but you insisted Loadtek needed its own - this has been costing Loadtek $10 per month.

If you really want to resolve what's left, I propose that I make an appointment so that we can go to the accountants and finalise payment for the stock both by you and myself. Remember that you haven't actually paid for any of the stock that you took home.