vote yes, page-9

Orga,

I think you will agree that share prices can be a pretty fleeting thing. Its not hard to get a stock price up to hit a target but keeping it there is a different issue.

Even if management did manage to coax the SP up in time for the meeting that is not in itself an indication that value has been created or that shareholders could actually all cash in at that price if they so desired, which is afterall what really matters, ie the choice to exit.

Exactly 12 months ago as it so happens the SP was 23c but it seems management were not able to demonstrate to the market that there was actually 23c worth of value, so what did that 23c share price this time last yeat really indicate ?

My purpose is not to speculate about how or why the SP ever got to 23c but rather to suggest that encouraging management to achieve short term share price targets is rarely in the best interests of shareholders.

If they did manage to get the SP to 23c in the next few weeks, whats to say that it wouldn't be back to 12c within a few months ? Its not like it hasn't happened before.

I suggest that there are quite a number of people who will be thinking "who cares if the price is sustainable because I would sell if it got that price and its everybody elses problem if it falls after I'm out". Without some fundamentals to underpin the SP very few people could actually exit at such prices because this very selling presure drives the price back down again. Most would only have "what could have been" in such a situation and thats what most have from the last such run. For those that had this thought I ask you how many of your fellow shareholders may have had the same thought ? Consider what that would mean ?

If incentives are based on short term targets that don't have to be sustained then we only have ourselves to blame when inevitably the price isn't sustained. Surely targets based on demonstrating tangible value that shareholders can actually benefit from a longer period is what their incentives must be based upon.

I just don't think it matters one little bit for the purpose of this conversation what the SP is in a few weeks time. Unless the market indicates that it agrees with that price and will hold it for an extended period of time then its little more that a nice illusion.

PS. I would love to see 23c ++++++ at any time soon but they need to show something a hell of a lot more tangible than a fleeting SP to justify what they asked us to sign off on.