Ann: Notice of General Meeting, page-69

Looking at the Notice of Meeting I notice our CFO Blair Snowball also subscribed to 1m shares under tranche 1. Whilst its good to see management, Directors & staff participating, when the SP is in the mid 9s, and you get to buy at 7c and get a 1 for 1 free attaching option, it’s a no brainer to take advantage of whats offered.

Having said that, these people know whats going on, we all know the success of the company is hanging on this Angolan Bank finance, if they thought this wasn’t going to go through, or a backup plan wasn’t in place they would not risk their money. Yes it’s a fantastic discount, but if things don’t work out it will be worth squat.

With regard to resolutions 2-6, I still haven’t decided which way I’ll vote, Resolution 8 a definite NO, Resolution 9 probably No too. These 2 lead managers get 6% between them - about $360k and they stand to get 12m options under Resolution 9, at say 2c an option that’s another $240k so $600k to raise $6m - very expensive!

Another part of the crux interview I didn’t mention before, Lindsay mentioned although things move very slowly in Angola, they are very loyal to the incumbent. One thing that has crossed my mind is with regard to the GA project, why would a new entrant bother dealing with us, just negotiate their own power rate & site. I think that’s where Minbos’ in country record comes into play. They’ve done more crop trials than anyone else. As a shareholder I’m more worried about Lindsay being more aligned with Angola’s needs than his shareholders. In this case I think the former looks after the latter.

Both Lindsay & the CFO (who both went to Angola recently re finance etc) are both fluent in Portugese - that goes a long way with in country negotiations. Over the years I think they’ve earnt the trust of Government officials, they aren’t just a flash in the pan opportunist company trying to exploit the Angolan people.

Getting back to the upcoming vote in the General Meeting, the way I read it re Resolution 8, participants in the placement are not entitled to vote. Hong Kong Jason & syndicate partners seem to have not voted in past AGMs - we’ll get a guide in the upcoming AGM. Other Top 20 holders are probably loyal to the company & those T20s that didn’t participate may vote in favour. I think the company will engage in a phone ring around to bigger holders trying to get their support. Over the years I’ve been rung many times for votes that weren’t as contentious as this.