Ann: Chairmans Letter/Notice of Annual General Meeting/Proxy Form, page-27

" you can bet that the directors are ten steps ahead of anyone on HC when it comes to "possible ideas"!!!"

Many years ago I was factory manager for a large fertiliser company. I spent a lot of my time out of my office and on the production floors. I often had a chat with a general hand whose job was to keep the floors clean with a broom as his main tool.

He had an active mind and was very observant. He gave me more ideas than all the leading hands.

I once offered him a better job. His answer was that he had been a company manager, the job led to a strained marriage and a nervous breakdown. With the job he had he earned enough, could go home, forget work and enjoy life.

Before that I was the factory manager of a whaling station. I was young and inexperienced in management. I got the job done a lot of the time by letting most of the staff tell me what we should be doing.

One of Australia's most used invention, the wool bale clip, was invented by a rousabout in a shearing shed.

Never underestimate the intelligence of others. A director not prepared to listen will have a lot of failures. To date BUL is a failure in producing a return for shareholders. If a football team doesn't perform they change the coach!!!!!!!!!