Ann: Appendix 4E - Preliminary Final Report, page-72

Where in the world does this idea come from that senior management are better served in managing the business rather than answering shareholders? Really it's not difficult you have shareholder communication people employed you let the more detailed questions filter up to those that can answer them best and the low-level ones get dealt with by staff or outside appointees.

Sorry, one of the reasons I sold out of this stock was the fact that new management didn't seem to want to engage with shareholders. That added to the fact that underpromise and overdeliver seemed to get lost in the mix as well.

There is a huge misconception about listed companies - Those with the best valuations are mostly those companies that deliver but also pay a huge amount of attention in marketing the company and their story. Mispriced shares are often the result of poor communication rather than the market getting it wrong. So when you find a mispriced share remember it could be that way not because of the market but because of its communication... Well priced companies or higher valuations mean cheaper dilutions when they do CRs , higher PE's

You have 7200 odd shareholders but of those, you have 1345 holding less than a marketable parcel so roughly only 6000 that are interested. That's not hard to communicate to. In fact, with 20 phonecalls you can reach 55% of the company and probably with 50 get to a lot more.

I have a few companies that actually have taken the trouble to get a director to phone me each quarter or half-year as they now know I build models much like an analyst. They are mostly shares I hold for a long time and I welcome that they communicate and help me understand the company.