Ann: AGM Prepared Address by the Chairman and CEO-SWE.AX, page-6

And DMR taking shares at 4.3c instead of wages remember.

I was at the AGM today by the way.

Some would say that the most impressive part of the meeting, was the representative from the auditors.
Others would say that the Company was closing in on the final curtain and lets just cut to the chase and get the pain over and done with.
For those that stayed a little longer after the meeting and spoke to the Company representatives, their glasses may just be a little closer to half full than half empty.

Yes, things are looking tight. Yes DMR was expected to be at the meeting, but is instead over in Europe working his nuts off to secure funding. Yes, we'd have rather we had all the directors and non execs working for free so as to preserve coin. Yes, we all wish a cap raising was done earlier and at a higher price with no Magna. Yes, we wish that OEL would bugger off even though things will hopefully come to some mutual agreement anyway. Yes, we'd like a tighter board with more local broker popularity and yes we all wish that the price of oil hadn't plunged from $100 to $26 and taken every company's exploration, investment budget down with it.

But the bottom line is, it all happened and we are where we are.

As grim as it looks, I took away that our situation may be salvageable. Ok, so it may take some pretty drastic action and some luck, but I got the feeling that this may be a case of one of those knife edge calls, where we look back mopping our brow saying: 'cripes....how the hell did we escape that?'