Ann: Director Resignation, page-60

HI Kick,

thanks for posting your thoughts and recollections from the AGM.

I know Gregg wasn't there when we got DWX and C10. I never had an issue with the direction or acquisitions or even a low risk growth strategy. The ideas were very good. I have always thought the execution and annunciation of a clear strategy was less than desired.

To cut to the chase, from my failing memory, the DWX guys got their shares at an equivalent of 24c a share (1.2c back then) when we acquired them. That is what we are at roughly today. There is no doubt the business has grown, but shareholders wealth as represented buy the sp has not, if you draw a line in the sand at that time.

So in essence the business has expanded at that same rate as the capital base, giving a bigger business, but no underlying growth in shareholder wealth. What some of us hoped Gregg would have bought is better method of achieving sp growth, especially around any M & A activity. The marked improvement in the last presentation I think was a visible result of Gregg's influence. There was for a while some extra promotion through various channels.

I think, as a board, they need to understand that since DWX, no growth has been delivered at a shareholder level. That is just the numbers talking. I don't think long term holders have not been that unfair them in my view and the market is skeptical of "growth" for good historical reason and marking them accordingly. Only when business growth transfers to increased underlying shareholder wealth will a sustainable rerate be achieved. The bet is whether they can achieve this or not. I will still hold.

Cheers