agm report, page-8

G'day F&B and thanks for the welcome yesterday in the XJO thread mate.

Good question. You could be right and as always insightful thinking from you. In this case I doubt it, what I was implying was that they are not necessarily long term players like cornerstone investors - therefore they care zot about the Board.

If they can keep any cost down the metrics improve in their favor and up goes the SP to suit their bottom line and Christmas bonus etc. In some cases the votes will have included an element of misaligned vexatious intent.

In the case of DB they have to work towards Basel 3 capital adequacy requirements and will be forced to cull to prepare for 2012 - my guesstimate on what is happening as my post a couple of weeks back was warning about.

Scientific approach to investment in this industry does not work particularly well. Risk analysis has become dominant in this market however this will change with the coming bull run (not yet) and commodities will lead the way with strong demand for gold and gold stocks - a bit of Top Down analysis.

This has badly affected the SP and I can understand investor frustration. Growth for the mid to longer term has apparently seen SP growth sacrificed. Specifically dilution and taking on greater risk. I believe management have increased the potential SP growth with their strategy and that they can manage the risk as they are highly capable and ethical.

In a different market all this would be recognised by the market and frustrated investors might be saying - bummer FML only tripled whereas my XXX shares quadrupled. Understandably the market has opted for current or near term capital growth with an extremely high weiting of risk issues.

In any case the Board and management are share holders too and now the foundation for growth is set they will be concentrating on SP which will in time please everybody.

Best regards,
CW
DYOR&DD