Ann: Notice of General Meeting/Proxy Form, page-92

As you know, its arguably a strategy to roll the insiders ownership interest into a new entity which is pretty much the entire company. 30% of the ownership interest in the old company ASIC considers was obtained in illegal circumstances. The demerger makes a mockery of the ASIC case because it negates a successful outcome of their Federal Court case, which surely could involve some sort of action regarding the performance shares, such as cancellation. A cancellation which wwould see the insiders ownership stake drop significantly, something that now effectively won't occur because the company has pretty much been sent itself overseas. In my opinion it is completely unacceptable. What does this say to other management teams that might want to pull something like this? That ASIC will just let you demerge your way out of their jurisdiction? It's laughable.