Ann: Chairman's Address, page-52

"After 13 years as a shareholder of HAV, I no longer hold, but after watching the video, I'm tempted to get back on that HAV bus.......but not just yet." I can understand the temptation to buy, Chris, but for me, it's the promise of what's in the ground - and that is across all its tenements. But getting those tenements into production needs huge amounts of money - say $100m++ to DFS and then $800 - $1b for each mine - and given Richard Buckley's handling of Portia and the probable absence of Walter Richards from the company … and all this under the long shadow of Bob Johnson, I'm no longer tempted and will take a loss. Sad, so sad for many, many people who relied on the Board for expertise and sophistication.

(Fundamental Guy - as you might know by now, you can see the names of incoming directors in the 249D notice)