agm notes, page-19

Rick,

I am doing all that a minor shareholder can do - raising my voice in protest in a forum we suspect management do hear. The rec's I have received suggest I have voiced a sentiment that is not mine alone.

As one of the unempowered I had hoped that more would have been made of the lack of progress and accountability at the AGM. The reports suggest not much was said. As I couldn't get to the AGM from Adelaide, I use the channels I have.

My alternatives are few. Legal action for fraud on the minority would be complex and lengthy, and probably not in the best interests of the company. Classically, shooting oneself in the foot.

What I mean about the 3 years out of date comment was in reference to the style of the presentation. Pretty pictures, schematics and computer graphics is what you use when the technology is far off and you are trying to attract speculative investment. As of now, it should not be a matter of attracting speculative money, but rather showing the capacity to manage a solid operating business with good growth prospects. A presentation for today, which reassures me my money is in good hands, does not show me 20 pictures of a still incomplete plant which is already over 12 months late and with no firm commitment to a completion date.

What you call bitching, I call speaking out. Management need to know that it is time to deliver, and the natives are restless. There is not much we in the minority can do, but raise our voices.

I have not voted my shares before, but I will from now on, unless I can see some progress.

What I want is to see some professional project management. As a single voice I recognise I cannot do much, but as part of a movement we can.