Ann: Recapitalisation Transaction, page-9

The performance of the Board over the entirety of their tenure is indefensible. They have overseen devastating erosion of shareholder wealth, not to mention the loss of dozens of jobs. Long-term shareholders are justifiably livid.

As for the current cost base, I agree that there is still work to be done in bringing this into line with the Company's current and potential near-term revenue. For a company of this size, there are too many office locations, and resources need to be directed where they are needed most and will provide optimum returns.

At the current market capitalisation of <$20m and with very little debt -- subject to completion of the recapitalisation -- I believe the investment opportunity with CLH is far more compelling than it has been in a very long time.