Ann: Update on Corporate Review and Management Changes, page-302

Well my take on that is that the old board just brought the opportunity to shareholders. The degree of due diligence on the people making the offer is a fair enough question but in any practical sense it's not easy to do due diligence on some of these Chinese run companies. A classic example is Sundance but even in their case I don't think due diligence would have uncovered much before the fact and a billion dollar offer is difficult to just turn your back on. Maybe the shareholders would have been livid with that board if they just rejected that offer out right although in hindsight it probably would have been the best decision.

Would you have preferred the opportunity was not presented? Looking from the outside and in my personal opinion what went wrong was the deal created the seed for the rebellion and that contributed to the pressure on the old directors at a time that would have been quite sensitive for that deal. We don't really know why the deposit didn't front. As I've suggested before the deal was subject to shareholder approval in anycase so could just have been voted down without all the drama.

And if the new board was dincum when figuring out the new incentive option strike prices maybe they should have set them at a price that implies a company value higher than the Chinese offer that was rejected, not lower. That would give investors confidence they will get better value for the assets than the old board did. Just putting some alternative perspectives on the matter. I actually hope it all goes well for you guys believe it or not. We should all be on these boards to try and help each other.

Being too dogmatic about a company you are invested in (ie falling in love) can distort one's perspective. Loyalty is reciprocal. It is now time the new board rewards your loyalty and gets this story back on the boards and positions it back amongst its competitors (that are growing in number by the day) with a clear and positive story. I doubt anyone really wants to get bogged down with some of the matters that came out yesterday, although some are important for investors to understand inorder to assess the risks the investment presents as well as the rewards. Esh