Ann: Resignation of Non-Executive Director, page-9

Despite what I said about Iemma in the past the two were the most qualified people on the Board in my view given their experience in public and private sectors, but most especially in comparison to the remaining Board members. They were also both Independent Directors.

The case that they were brought in to do a job is a weak one. The company is no longer in administration but the company is still underperforming operationally, it still has no credibility in the market and they played little if any role part in bringing in capital, the funding received came from existing chinese friends - these directors did not originate any new capital market relationships. So what job did they do? They didn't turn the business, the balance sheet or the reputation around.

Furthermore if this was all co-ordinated then its been very poorly handled. No Board loses its 2 independent directors, including, and particularly its Chairman as part of a 'plan' without having replacements in hand ready to announce to the market. The wording of the announcements contained faint praise indeed. Another indicator perhaps of a less than amicable parting.

Inside this head office is a shitshow of the highest order in my view