response to letter, page-4

The Chairman's letter does not address all issues:
- LTIP share awards being matched by substantial cash payments
- directors having the ability to amend the Program or any Award at their discretion and without reference to shareholders
- certain unacceptable circumstances underwhich Awards fully vest


In my view, if the LTIP is so important then the Bonus Pool should be scrapped because it's double-dipping against low thresholds.

Who here doesn't believe the initial Bonus Pool targets won't be achieved soon after the EGM? Who here believes that the Board and key employees aren't already extremely well remunerated? And if shares are an appropriate incentive as the LTIP suggests, why are options also now being issued? Without doubt the recipients will soon be lining up for their Bonus Pool and LTIP awards as well.

The premise upon which all of this is based seems to be that SSN Board and employee interests aren't presently aligned with our own. It's a false premise and if they're not sufficiently aligned based upon existing remuneration and equity interests I question whether the appropriate remedy is simply to throw more shares and money at them.

I second it Beechmere: Produce the results, then you can ask for incentives. No oil, no vote.

Finally, where the hell's my prepaid envelope?



Apologies for the rant.