Ann: Chairman's Address to Shareholders , page-30

I was there - let me answer a few questions...

The sale of Rincon to Charge is still contracted but not yet settled and according to the chairman there will be an announcement within 2 days. The members of the board were adamant that Charge had provided them with documentary evidence proving that Charge had the capacity to pay.

None of them were able to comment on the dispute in the courts with Besalco because they have been warned by the Chilean authorities that it will have a negative and material impact on the case if any comments are made.

I left the AGM with the distinct and clear impression that two things may happen:

1. Sale to Charge is settled - ADY trades on.

2. Sale to Charge fails - ADY will be placed in receivership.