Ann: Bondholders Support Confirmed, page-62

I'll be joining you chaps in voting against management remuneration increases and / or bonuses. I have a sizable parcel which will assist in getting our views heard. REFI and SP unfortunately tell the story to date. I actually think they should be willing to accept reasonable pay cuts as part of a cost reduction initiative at least in the short term. I do however think TER is crying out for a exec chairman that can extract true value and take advantage of the current bullish conditions. I think Craig can still add value but not as head honcho. Why are we not hearing about progression of Berenice with its' massive coking coal resource for example rather than trying to buy high risk assets in dodgy African countries?