Ann: Annual Report to shareholders, page-117

Agreed on that front, I operate in the Mining Services industry in WA. My brother in law is a Mine Superintendent, he’s had multiple offers and changed his job multiple times in last 18 months - why? It’s not because he’s disloyal, it’s just he’s darn good at what he does and he can’t refuse the lucrative salary and bonuses on offer.

The skills shortage is crazy at the moment, and good people are very hard to find. It’s so bad now that you need to reverse the thinking - don’t look at just raw cost, you need to look at the cost to replace, plus that intangible cost of replacement through lost IP, and some roles probably have a recruiter assisting - they’ll clip the ticket too - ranges of 16-22% of salary and super.

I agree with you, who would step in if the current board is rolled? 2 years ago James was the hero of the ADN boards, a lot of water under the bridge now, and if you’re objective - a lot of it outside of his control.

He didn’t order the invasion of Ukraine, he didn’t cause covid, the skills shortages weren’t of his doing, spiralling inflation - he’s not a governor of a reserve bank. Jeez the UK economy is on the verge of collapse and could trigger another GFC. At the time of banks interested in doing business with ADN it was a period of low interest rates. That’s changed very quickly now - The list goes on, they’ve been dealt a pair of 8s in a blackjack hand and need to play it accordingly. Yep they’ve kicked a couple of own goals, but which company hasn’t in the path to production? It’s not easy doing what they’re doing, what’s it like 1-2% of hopefuls actually get to production? I just think now is not the time to make any fundamental changes to the company.

Good to see Peter Proska holding T20 still.