Ann: 2013 AGM Presentation , page-5

"a management team who own little regard for the true owners of the company"... since management are the effective owners, this is probably not true. However, considering they are unlikely to be divesting their shares in the short term, they are probably less concerned with the short term share price than many minority holders and more concerned with building their empire.

MAQ went through the same cycle between 2002 and 2007, where cashflows were re-invested and depreciated quickly. They depreciate plant and equipment over very short terms, with the books showing $92m of depreciation against $118m of cost - i.e. I would guess from the numbers that they are fully depreciating the plant and equipment over 2-3 years.

In 2-3 years time, they will likely reap the gains from this current investment round for a period, as cashflows should be substantial. However, the value of this to minority investors in the short to medium term will depend entirely on the strategic choices of management. The company can not be taken over without their support, nor do they require new capital and therefore need to pacify investors/brokers or fund managers. Should they wish to keep re-investing, depreciating and growing the empire, there is nothing to stop them choosing this path. This is the risk of a family-controlled business.

In my view, there will likely be another window to invest in 10-18 months time.