agm - what do we want to see?, page-2

Basically a review of all business units needs to be conducted to find out what should be kept and what should be sold off. If two ships is not needed, sell one. Maybe Neptune needs to forget about US and UK and concentrate on Asia/Middle Eest and Australia. What businesses in US and UK can be relocated to Asia area such as STS. If business units remain in UK can they support contract wins in Asia area.

I think the board needs to determine the above first, make the decision to proceed, use the funds to pay down debt and then re-position itself for long term growth. I cannot remember how much we paid for the two ships but maybe the sale of one of them will just about clear debt.

It may also be the case now that a capital raising is not needed if they decide to sell a few of their assets. I just hope they do not sell too much. Also the Underwater Welding technology needs go be looked at to determine if their is another way Neptune can make money out of the product rather than Neptune being the only one to use the technology.

I am also still mindful of the fact that Neptune may yet enter Administration - I very much doubt it but anything is possible today when you have seen ASX200 companies such as MFS Limited and Babcock and Brown go under. I also lost many hundreds of thousands in the MFS Limited collapse so I am very cautious about any company going through what Neptune is currently going through.