Ann: Notice of General Meeting/Proxy Form, page-32

Just one comment on the debate about Directors' remuneration. What seems to be missing to me is a commensurate reward for the patient shareholders who have stuck with this Company through the bad times and should now be sharing equally in the good. Although the SP has done very well in the past year, even despite the recent impact of poor corporate communications, quite frankly we need to remember that it is only getting back to where it should be had Management not made a series of serious mistakes 7 years or so ago.

Now that things have recovered, and we have all paid tribute to Management for the strong turnaround, it is time not simply to reward those who dropped the ball and managed to pick it back up again, but also the long suffering shareholders. Remember also that the majority of new shares placed have not been made available to most shareholders. It is time to level the playing field.

The Company is now demonstrating sustainable profitability, has ample cash available and is also demonstrating the ability to create sustained free cash flow from operations. So the expectation should be that when this year's full results are declared there will also be the declaration of a dividend. If not, and if Management are perceived to be rewarding only themselves then shareholders will indeed start to lose patience, and although it will likely be hard to find enough votes to obstruct management remuneration plans in the short-term, no Company likes such a public display of dissent. Get the message VMT, before the sentiment that is starting to show on this Forum gains more traction.

Btw, I support well-focused management stock incentive schemes, but they need to produce real returns for all stakeholders ! 2000.