Ann: Application for quotation of securities - ASM, page-8

I've been in a job where I've reported to the majority S/H 'owner' and that wasn't a fun job, because you never really 'own' the process nor the results.

I'm going to be a bit presumptive here and assume that you haven't met (to any substantive degree) nor know anything about DW, nor know anything about what he's had to put up with (having a major S/H look over your every move) and navigate the development of a world class business - because that's what this coy will eventually become. What you can take from this process is that he's set the coy up with 'game changing' technology, lined the 'bed' with a high class outfit that will probably lead into a lucrative partnership (Hyundai) and set the scene with a fairly strong investment (@$8.90 when the overall mkt was sh$tting itself). So, I'd say he has handled himself reasonably well considering.

Sure, communications could have been better and sure, there's probably a number of matters internally that have gone awry that we don't know about (and probably never will). But, don't forget the BoD have a hand in how badly that has been handled (aren't they the ones getting paid to supposedly mentor/advise their main figurehead - and who they placed in the job in the first place because they saw him as the man to do the job?), but all we know now is who they've lined up as the scapegoat...

But I'm damn sure you wouldn't have said what you said above when the SP hit $14 and you were singing all the praises about how great the coy was from the comfort of your lounge room chair. That's not a personal attack - that's what we have all been doing lately because things haven't gone the way WE thought they should - from a million miles away from the real action.

But at the end of the day, the facts of the matter are that the BoD saw fit to vest 1M shares at $3.14 (mkt price at the time) so he must have done something pretty damn right to warrant that (or he's got some nice BBQ stories to tell about his time at ASM...!!).

I'm happy to leave sleeping dogs lie, and trust that the BoD can get on with running a coy we all know has the world at its feet. And BTW, I'm not suffering at all (in the red for sure, just) - but more than comfortable with how I think this will unfold.

J22