agm

Some comments from meeting (note I went as a proxy not a holder):

*My guess 150 turnout, maybe more;

*Opening comments (assume this will be available in Chairman address), was the goal of return to profitability (not mere survival), but will require obv balance sheet recap> restrucure of corporate, op and structural nature already underway. One good question raised concerned the restructure in mid-2009, and how such resturctures take 18 months etc to flow through to the business. I don't recall being convinced by their repsonse to this. Point was to suggest to them they are reactive not proactive.

*Another interesting point was one shareholder who posed a question or two was Ian Boserio, who I am 99.9% sure is the same Boserio on board of NXS. His question involved motion 1 - renumeration report (which took about 50 minutes to get through). Question was about performance rights/renumeration etc - not the methodology etc, but the fact that benchmark will be coming off the very low base (sP) (e.g. maybe single cents when suspension lifted). Stock standard generic answer given, but was interesting nonetheless.

*King will be only one of many condidates in search for full time CEO. King's address lasted for 2 minutes i reckon. SH's didn;t seem impressed at that.

*Baord were quizzed over flop strategy of 10 aquisitions in 3 years. Acknowledged shortcomings, poor financial reporting etc. But then wagged on about the OH&S record on these acquisitions............why I don't know, irrelevant in current context. I saw many heads shaking.

*Austrlaian Shareholder assn posed their standard sort of questions..........rumuneration report had about a 40% vote against in the proxies. Show of hands failed and a poll had to be held. Passed with aboout 59%.

*R Scott (note he has 7 directorships) spoke quite well but again show of hands required a poll for his re-election, which he survived with 60%. Seemed pretty forthcoming and that got him across line.

*Refused to give SP targets in response to a question, rightfully so as all depends on nature of recap package.

*SH will get SOME access to a cap raise, but dont expect to not be diluted. Administration seems very very unlikely, bank not interested in pursuing this. I'm sure if they could get enough money from existing SH they would, but clearly this not the case.

*WIll be an UPDATE within a week, but agree may not re-list for weeks IMO.

*On whole a lot of annoyed ppl there, no real aggression shown. Could almost see alot of younger SH work in the industry. Few older ones obv lost a lot in this. Even quoted numbers to the board.

*Lastly, no arrogance shown from board. Whether there'll be another AGM remains to be seen.