End of April 2007 financial report

Greeting dears investors,

I am proud , because April 07 was our best month, even if we lost money cause Zydrine value still decrease, even if I had to reduce the value of the Hulk we bought at 500m few month ago, we made more then 1 billion profit this month.

But since last week we have 4 hulk and 4 Mack working , so our mining income still climbing and he will keep going up.

Also this month SHMEC decided to try invention, we will see how its work next month.

total dividend for the month is 516M that is 25,800 isk per share.

SHMEC ASSET ( after dividend)

Cash : 548,915,768.23 Isk

Shares: 183,315,000 Isk

Buy order: 1,285,941,893.82 Isk

Inventory: 196,687,183 Isk

Ships: 3,105,340,000 Isk

Minerals in stock : 932,017,562.75 Isk

POS( including fuel in stock): 915,625,900.00 Isk

BPO: 329,212,036.00 Isk

Corp NAV : 7,739,822,931.80 Isk

NAV per share: 386,991.15 Isk


As usual SHMEC will buy back shares at IPO price until we hit the IPO price. Soon we hit the IPO price we will buy share at NAV per share value.

Tolmar
SHMEC CEO