Ann: Application for Register of Members, page-11

Hi All, IMO! Sandon managed to shake up CHZ when they took a position in the small residue of CHZ after the CHZ capital return. DGR's position is ,however,slightly different. DGR is a larger company and a deal messier. Sandon clearly recognise that DGR is undervalued , the sum of the parts is significantly larger than the MC . In order to shake DGR up from their slumber Sandon will have to acquire a substantial fraction of DGR. Considering that Sandon are capitalised at about $33 million ,it might be a big ask. Whatever the result we can't be any worse off. It's a shame that Sandon isn't a bigger (and a more successful outfit than they are, they haven't actually set the market alight since their IPO ) .IMO something needs to be done to ensure that we get some return in the short term. DGR's "black hole" policy, money in nothing out, is unacceptable. IMO DGR's strategy seems to based solely on protecting the directors' interests which , unfortunately, are not necessarily ours. Sandon's interests are probably more aligned to ours, guaranteed short term gains rather than nebulous promises. BOLTA!