agm, page-36

Well hello "little fat guy"

Its ashamed that you didnt let fly with that whilst the lawyers where sitting there. But as you pointed out, they were out the door that quickly that there must have smoking rubber at the bottom of their shoes. I still cant decide if not going after them at the AGM was a mistake or not, but I do think the line we took had impact.

Firstly we derailed the Brazilian presentation and actually got closer to the real story than the one they would of had prepared

Secondly, I believe we argued and push our point very well that the board lacked required skill sets going forward.

Thirdly, We argued very well that we need and office in Brazil.

Fourthly, I know that what we were saying was having an impact on the board because I had Michael Goldhirsch and Stephen Shnider glaring at me for most of the meeting. But I can ensure you that I didnt take a backwards step form my questioning. I can only hope they try bluffing me out like that at the pub one day, I feel quietly confident that I could knock the pair of them out 3 times before they hit the floor.

The one thing that did surprise me more than anything was how well both Phil and Christian deflected questions away from them.

As far as the US being a distraction, I flip flop on this, yes I agree it is a distraction but its also activity and I strongly believe without this activity the current SP would be less than half its current value. So is it a good thing that we burnt half our current war chest on a project that doesnt have much upside for investors, I am not sure. And I am not sure whether we should be looking at the upside with this project or the downside without it. At the end of the day it could well be this one project that keeps us in the game.

I think Phil knows that the AGM hurt them. Again maybe it was a mistake not going after the lawyers, but they are currently sitting back in the ivory towers thinking to themselves they are pretty untouchable, that just might be the best place for them to be for now. So maybe not the AGM we wanted but could be the one we needed.