today's agm, page-2

Hi intheblack. Thanks for the report from today's AGM.

What was Rob Millner's response to the question about excessive board commitments?

Regarding the merger of MLT and CHO, I prefer to have them separate. It does provide a choice between the two companies and the opportunity to tailor the balance and composition of your portfolio. Furthermore, the share price of both companies continually rise above and fall below their NTA - this provides concurrent trading opportunities in two related stocks with different market cap and liquidity profiles.

My calculations indicate that over the past 12 months the daily average difference between the share price and the NTA of MLT is around 2.05% (a premium) and CHO is around 1.67% (a discount). This contributes to a slightly better dividend yield from CHO.

CHO is currently at a discount of around 10% to NTA and in my opinion this is excellent value while MLT is not as attractive (see post in CHO thread).

Thanks again for your report intheblack and I look forward to more discussion on these quality stocks.

Dreamcatcher