Ann: Board and Management Changes , page-4

Well that is a bit odd. This did not go far enough as far as I am concerned. I will be waiting a bit longer before I will be buying back into the company.

Currently the remaining directors represent the minimum required for the board, ie 3 directors. But what is evident is that there will be further changes with the search for additional NED(s) plus the Chairman. In other words more than 1 NED will be located to replace the 1 NED leaving (Niall Lenahan), not including the Chairman. Does this mean that Jeremy Read’s head is on the chopping block once the replacements have been located? One would hope so, since he stood by while the wealth destruction occurred over the last 12 months, affecting him personally. If he is not out for personal wealth preservation, what hope does this provide for the rest of the shareholders?

Why are they undertaking a search? The objective of Blumont would be to appoint their own representatives to the board. So is this statement just to blow smoke? Why will it take until 3rd Quarter of FY 2014 to finalise the search, if the objective is to appoint Blumont representatives?

Blumont, get serious and get on with restoring shareholder value and stop peppering announcements with redundant statements! Shareholders have had enough of that rubbish. Just get on with it!

Can anyone clarify why Brad Sampson will be on gardening leave until 31 December? This is only 2 months when his entitlement is actually 6 month’s notice. It is not like he is going to be back in any capacity. Well, for shareholder’s sake I hope not. I can only interpret this as either:
- you leave on your own accord and you get 2 month’s notice or we publicly remove you for poor performance and you get 6 months leave. It’s your choice!; or
- it is again a statement to blow smoke, allowing shareholders to think it is 2 month’s notice when he will be back to “work out” his remaining 4 month’s notice.