Ann: Change in substantial holding from HHL , page-9

There is no way Gray would be appointed to anything to do with SRX unless the whole board resigned - IMHO.

However we know he will vote against everything and the next vote may be close. I had thought he may have mellowed but was proved wrong tat the meeting.

Looking at the numbers voted, it was a large insto or two that did not bother to vote. Gray has nowhere near 25% these days but the vote against was 24.99 or similar, less than 40000 shares in it.

Bottom line is even if he gets a vote, it probably would go no further, but it would be one hell of an embarrassment to the board & execs.

We will see when this magic new option & renum plan comes out for the seniors. The letter advising of it was not well thought out and the board should know better.

To be fair to Gray, maybe now SRX is an ASX200, and international business growing very rapidly the current board may not be best placed to oversee SRX becoming a multi Million $ company. We really do need to beef the board up with some heavy hitters with US experience.

Dr Grays speech at the meeting made a lot of the fact that the board member up for renewal was once his tax accountant in Perth and he sort of fell into the position. There is not much in his bio to suggest he has done anything of merit to be on the board of an ASX 200 international high growth company. Good chap, but we all have to be prepared to hand over the reigns when the time comes. Nothing personal at all.