Ann: Chairman's Letter and Notice of Meeting from A Beasley, page-22

Newbies??

At the IPO the Board consisted of Beasley (Ch), MacDonald (CEO), Mutton, Verscheur, Wallace and soon after Hall (of Canndeo).

Currently the Board is Mutton (Ch), Radford (CEO), Beasley, MacDonald, Verscheur, Wallace and Xu.

The only "newbies" on the board are Radford - CEO and apparently not who you refer to as deadwood - and Xu.

Beasley obviously supports Xu as he was originally nominated in Beasley's first letter calling for the EGM on the 9th Jan. It is fundamentally the same board that took the co through IPO. What is different is that Beasley is no longer the chair.

Why that is, we will likely never know. In my opinion, there has been a rift in the board over control of the company . MacDonald was Beasley's CEO, now Radford is Mutton's CEO. The biggest losers in that shuffling of the decks were clearly Beasley and MacDonald (though Beasley wants to give him the elbow too).

I suspect Beasley is a proud man with limited expertise in directing a business of this nature, whose leadership has been stared down in the boardroom, has slunk off to lick his wounds and has come back with a wrecker proposal of an EGM in an attempt to reassert his dominance and ego. My guess is that his insinuations of board governance malfeasance are a smokescreen to confuse retail holders into supporting his vanity project.