Ultrasis - serious holders

Just received in the post "Report & Accounts 2003" The first paragraph of the accompanying letter with the report concerns me greatly;
Borrowings
The accounts for the year ended 31 July 2003 show a significant reduction in net assets of the company arising from a charge of £9,156,000 in respect of impairment in the carrying value of goodwill. Under the Articles the borrowing of the company are limited to two times adjusted share capital and existing borrowings have to be ratified by Shareholders.

Existing Shareholders will no doubt read the rest of it and vote accordingly at the AGM on 12 Feb 2004. For my part I have sold today because IMHO the situation is a little tenous and one of my New Year resolutions is to try hard and not get; a) Emotional about a company and b) to try and not get carried away by board hype.
But that is just my opinion and sincere good luck to all who continue to hold and future shareholders.
Instarich