Ann: Chairman's Letter, page-5

Fellow shareholders,
This is just more of the same - year on year - rubbish.
Suggest all refer to my earlier posts on BFC.
Stop presenting the problems. Look FORWARD. A fix or fixes is/are needed otherwise BFC will be no more. NAB must have control.
My fix is Board out immediately (all lap dogs of Sexton), stuck with new CEO and now CMO (both jumped Fonterra).

New Board of 3 + CEO. Independent Chair with supreme power.
Get all major shareholders (do they have interest??) save Sexton involved quickly. Need is a new PLAN. New plan must have a PIP as an immediate task.

Could someone please answer the question what has Moelis/MAF done for BFC??

Move NOW.