agm report, page-3

The rot started with the following announcement :

8 September 2006
Outcome of Contract Review
Repcol Limited’s joint venture debt purchasing entity Transpacific Debt Purchase Pty Ltd
(“Transpacific”) has completed a scheduled quarterly review of a forward flow contract to purchase
charged off debt from one of its major debt vendors.
As a result of the review, a number of changes designed to enhance the contract were jointly proposed.
The proposed changes included:
1. A shorter contract term as price adjustments for this three year contract could not be agreed
upon (12 months is the current Australian industry standard) ; and
2. The removal of certain classes of debt from the contract.
However the vendor and Transpacific were unable to reach agreement on some substantive matters
arising from the proposed changes which would have had an effect on pricing and other contractual
terms. As a result both parties have agreed to end the current contract effective 31 October 2006.
As a result of terminating the contract, no further forward flow will be purchased by Transpacific from the
vendor under the existing contract from 31 October 2006.
The impact of this on Transpacific will not be felt for some time as debts already purchased will continue
to be collected over the next few years.
The recently announced contract with another major Australian lending institution will largely replace the
debt ledger purchases from the terminated contract.

The lack of disclosure since this announcement and the recent downgrade is shamefull and the agm report was an opportunity for them to enlighten shareholders.

Instead, we got a load of badly put together claptrap

How can we decide to buy or sell this stock without information.