Ann: September 2014 Quarterly Report, page-14

Unfortunately SLR appear to have a habit of not announcing debt repayments.  The most extreme example is the debt of $75M they had with NAB in December 2012 where they did not specify repayment terms in the announcement.  Next we hear of a $47.5M CR on 27 Aug 2013 "used to repay our outstanding debt facilities" and then Keith Goode's report of October 2013 (company sponsored) says (pg 2) "the debt of $45m fell due at about the end of September 2013 and needed replacing".  To me this is being economic with the truth.  Rob Humphryson has gone, Chris Banasik has also resigned and Sir Les is stepping down but will come back as an NED.  To me only solution is to do what SBM (a similar case - but they have massive debt also) have announced today is a "restructure of management".  The board bears responsibility for SLR's demise and as the board's head, chairman Paul Chapman will hopefully receive a resounding no confidence vote for his re-election at the AGM (resolution 2).  It seems we will not get a chance to vote on the appointment of Sir Les as an NED now he has stepped down as CEO; to me the fact that he is intending to stand as a NED shows lack of sensitivity to his role in the destruction of SH's capital over the last 2 years.