portman response to egm notice, page-26

"2) Ward off Quasi take over. I dont believe it is in the minority shareholders interests for PMM to get anymore control of GWR. Do PMM have a master plan. I'm 99% sure that our directors do and you know what, they are major shareholders too and they want to make a buck just like you and me. What is good for them is certainly going to be good for us."

What is good for directors is NOT always good for the common shareholder. How about if they vote themselves millions of dollars worth of bonus shares and options every year? What if they pay their mates for unnecessary, overpriced purchases? This is a stupid reason and the fact that you're proposing this after the dismal record of these directors is either an indication of a close relationship with them or naievety.

I will post up a summary of how I intend to vote and the reasons shortly when I have time. But in short, the capital raising is purely being done to save the Director's skins.. not to raise capital at an opportune time. Share price is way off its highs, cash is not required, etc...

In what way is putting two PMM directors into a board of FOUR detrimental and amounting to board control?? If anything this balances the board so that it is not 100% FAS controlled. This is by far the best proposition i've had to vote on in this entire debacle. Nobody debates the iron ore credentials and to scaremonger on the basis that this amounts to board control is misleading as if anything it balances the board for the minority shareholders.

ONLY those associated with FAS / JD benefit from having the current board continue. Look at their past - they are all tied into FAS/JD in some way.

The argument that purchasing expensive tenements at this stage of the company's development is also moot. 100 million tonnes - mine that 10MT last if at all. 10 years down the track I can wager that IO prices will probably not be higher than they are now. Production as quickly as possible is the key to realise value for the ordinary shareholders and to achieve this support for Portman is key IMO.



Cheers
UIO