Hi JrowL and all,Having been unceremoniously diluted out of my...

Hi JrowL and all,

Having been unceremoniously diluted out of my substantial shareholder position I had to complete the ASX notification form. I returned the form with the following E-mail I doubt it will make much difference whatsoever as the next management will most likely be the receivers.

Maybe Hot Copper should look at a section where we can list the names of managers that have various specialities such as the ability to destroy some $100,000,000.00 worth of shareholder value in a little over twelve months. (Value $70 M plus $42 M cash on hand.)

Although fortunately these days with social media and places like LinkedIn we may be able to save other future shareholders a similar fate.

To Mr Ben Hill General Manager – Markets & Strategy

Hi Ben,

I have returned the form as requested.

Sadly now I have to doubt my original trust in the current management.

Given the financial position of the company not that long ago value of around $70 M and $42 M in the bank account one can only wonder if you guys have some kind of secret agenda to totally destroy shareholder value.

If you do have this kind of secret agenda with respect I think the management can consider it a job well done with a share price of 1.2 cents. Having completed the shareholder value destruction can you tell me are any of you thinking of moving on if so I would appreciate the name of the next company you intend to destroy at least that way I may get an opportunity to take a short position.

I remain aghast that this could just be a case of straight outright management incompetence but you certainly now have the runs on the board to prove the point.

The salary cuts do little to restore my faith; however, I feel they should at least stay in place until the shareholder value and cash in the bank are back at the levels I indicate above.

Many years back I had cause to send a similar E-Mail and was told by the CEO that I should try running a listed company I suggested that it may be better if he tried to run the company the way I had run mine for over twenty years: At a profit.

Disillusioned and disgusted: Andy