Ann: Notice of Annual General Meeting and Proxy Form, page-10

Well I think MG made a couple of mistakes:

1. The options which I thought were a great idea actually have placed a ceiling on the price. I even sold some at 76 as I could buy them back after the year and at 75c.
2. I was never sold on the preference shares - the option again places a higher ceiling around 83c if memory serves.

I have few issues with the portfolio as you say. The real issue in my opinion is marketing and the discount. Its an attraction to a new investor but a huge detraction to an existing shareholder. Marketing - I am not sure that much is being done.

On the liquidity I actually think that has improved a huge amount. on the 16th and then Monday 19 over a million changed hands and the average daily sales over the past 16 trading days is around 175,000 per day. That was a lot more than I expected.

My concern these days is less about the company and more about whether I like LIC's.

So not on my naughty list but a lot to be done by management fort me to feel happy.