Ann: Chairmans Letter/Notice of Annual General Meeting/Proxy Form, page-29

All I know is that the expectations that were generated by management have not been met. Some of the major shareholders have exited. I have transferred three quarters of my BUL investment to RLE and am waiting to see if the remainder will come good and cover my losses to date. I will continue to be critical and the longer they take the louder I will make the call.
Sure the Santos may be an experience. I will soon be asking what made him leave. When I took over Managing the fertiliser factory I was challenged by one foreman who asked me why I was in charge with no experience when he had 40 years in the industry. I suggested to him that maybe he had just one years experience forty times and he was still doing what he did forty years ago.
Performance not experience is the measuring stick. I still maintain that the directors are asking for performance options when they have not performed and I use the SP as a measurement of performance. That is where this started. That is where you should leave it.