we are so missing the real point.........., page-48

Yes Buddy, Good point.

Seriously, I just have trouble understanding why ASIC is not simply doing its job as a Australian federal policeman for companies, and if the laws are not clear or fair, they should be and ASIC should act.

I refuse to believe that change is not possible. I also have also trouble understanding the apathy of many fellow Australians - this is hardly a new phenomenon.

I just listened to the EGM online and I have a few points:

I concede that the vote for resolution 3 had almost unanimous support from online proxies The fact that I and many others still believe it is selling out too much of the company too close to the bottom of the markets is now irrelevant to the future of AIO.

Asciano management said essentially they say they got caught, couldn't get this type of finance for the last 12 months, and then were offered this finance at the last minute.

Tim Poole mentioned (again) that he was pleased that AIO were able to offer retail shareholders the ability to avoid dilution by being able to take up 2.1 times their entitlement. This is glossing over important facts: It is not much benefit to many shareholders finding out that your could have purchased more shares when it is TOO late to purchase them. Like Mark Rowsthorn, because of the extreme dilution, many shareholders simply could not fund their full entitlement, even if they had adequate notice. It's a massive dilution, and its cost existing shareholders dearly. Although I disagree with him regarding this, he did chair the meeting and present his arguments logically and politely. Anyone was permitted to ask any question or put any point of view they liked without being spoken to aggressively.

Rowsthorn gave a pretty good account of his personal share raising, but left questions as to why the board didn't know he would not be able to raise the money. I'm thinking that it was legit and didn't involve collusion (will we ever know for sure?), but I think the board would agree that it was unwise and a "bad look" for a board member to seek finance from the same company. This should be legislated against.

I sold my shares today, not because I don't think the share price will rise in the medium to long term, but because I have concerns about short term volatility. I may look at buying back in after Monday the 22nd and the dust settles.

Happy to admit that today there are an additional 900 mil shares and the price held up well. Next Monday there will be another 1200 million shares (not including the $100m Security Purchase Plan) and the price may still hold up well.

I’ve learnt a lot from this whole exercise, and I’ve enjoyed the lively and generally respectful debate.
Cheers to all,

John S.