Ann: Change of Director's Interest Notice, page-4

It will be interesting to see how many of the current directors survive the next 12 months and I wonder if Giles Everist selling down is simply recognition of the changing times. Cimic is very clearly wanting to start exercising some control which is evidenced by voting outcomes at both the Macmahon and Sedgman AGMs. Macmahon is now sitting on a "first strike" and the re-election motion for Giles Everist, while voted up, recorded a strong "no" vote.

I suspect we'll see a few new faces on the board and not before time.