Latest News / Resolution at AGM, page-47

My guess is the consortium recognise he was only recently re-elected at the Dec AGM and believe they can use his expertise when they slash corporate overheads. At the AGM he appeared to have obtained votes from the very large shareholders.

Clearly, the consortium will need to obtain the support of these very large shareholders and the noteholders for this strategy to be successful. FW had a good relationship with them in the past. I suppose he will need to re-establish their trust.

I lost confidence in the current Board when they explained at the AGM they were not focusing on establishing new sale agreements of oil / wood products. I believe it is a no brainer that new contracts for the sale of oil / wood products - even at a reduced price of $US2,800 per kg - would demonstrate the products are in demand, demonstrate the market price and successfully prove the project is not a ponzi scheme. This would substantially reduce the risk. I am staggered the Board can't see that.