Ann: Results of Meeting, page-10

I'll preface this comment by saying I'm not overly fussed in respect to the outcome and personally abstained from voting.

I also don't disagree with your comment in respect to being entitled to vote in accordance with your holding, however personally I believe that the timing of the exercise of the performance rights suggests that it is possible that management:

1. Knew the count of proxy votes prior to the AGM; and

2. Took steps to retain board control by Narnia exercising performance rights and casting votes in favour of all resolutions.

I'll let you decide if you believe that is transparent and ethical, however note that many directors choose to abstain from voting in AGMs as it may appear self serving.