Ann: AGM Presentation, page-3

Yes I listened in and submitted some questions.

It was depressing.

One shareholder had submitted 20 questions to the auditor and Board about the timing of knowledge on the bad loans .

The Board were (predictably) not prepared to say anything more than had been released to the ASX questions. A slanging match resulted.

This was a waste of time in terms of new information and made the Board defensive.

I had submitted prior to the meeting questions on the current level of orders and the revenue, EBITDA, profits and cash at the end of the first quarter.

This is factual information. The questions were not read out and the "response" was the company did not provide future profit guidance.

I had deliberately not asked for forecasts, but for current numbers.

I saw no point in following up. The answers had to be in the presentation and thus released to the market. They were not going to do it verbally.

These guys may be able to run the businesses (though we will get no reassurance after the recent disasters until the half yearly ).

They certainly do not know how to communicate with the market and shareholders.

It is hardly news but they did say the focus is on growing the business and working capital, rather than buybacks and dividends.

I have previously suggested they tell us the total order book whenever they announce a new contract. I will do so again. Otherwise there will be no update on how the business is doing until the half yearly.

I cannot see the shares doing anything until then. I was interested in building up a sizeable holding before the contract losses, but will do nothing until we know how the business is travelling.

I find it frustrating that they appear to be ambitious to expand the business across industries and States, but clearly have no idea how to communicate with shareholders. The presentation was about plans and was bullish on Watmar potential. Nowever it contained nothing on how the business is performing after the shock of the bad loans. What planet are they on?