Well today's the day. AGM being held at the Hyatt, good to see...

Well today's the day. AGM being held at the Hyatt, good to see the suspended and financially stretched company is showing its cost cutting credentials with such a modestly priced venue.

Will the Chairman fly in from the Sunshine Coast to chair his first ever Public Company AGM ? Will Kevin's health hold up this year? Will the auditors attend and explain why they could not provide an opinion?

One question for the auditors for anyone attending is the mysteries of the remuneration report. According to the remuneration report (audited) Kevin Robertson has a contract, expired in 2009 and renewed monthly as MD and that his remuneration (circa $400k) is paid to a company. Yet I note he has accrued annual leave of some $160k. If it is a consulting arrangement with a company, how does that entitle the MD to annual leave? Seems to be the best of both worlds. Anyone got any thoughts on the ATO's position on this?

AS the Iron ore price sinks below $70, today's AGM is unlikely to bring much joy or news on financial salvation.