Ann: Chairman's Letter to Noteholders, page-33

I am a note holder & will not be voting for resolution 1. The conduct of this company has been appalling & in my opinion certainly not within ASIC guidelines. We have had more info in the last week trying to prevent an independent auditor look at their actions than we have had for 6 months.

We had the same scenario when lonestar tried to upset the cosy little setup that has been allowed to run for years. Only when JC is personally under the pump do we get info. I am disgusted. What happens if resolution 1 gets up & the auditor comes back with some disparaging information about the running of the company, decisions made, due diligence not being performed? Do we then let this guy continue to destroy this company?

I personally believe that an administrator will get the same, if not better outcome than JC. at least an administrator will be prepared to deal whereas JC has delusional expectations of AZZ value. Yes an administrator will destroy shareholder value (I am also a shareholder) but I believe the outcome is inevitable & we should all take a reality check & get this mess over with & ensure that those responsible for it are held accountable.

Heres one for the think tank. Is lonestar behind Wade energy?