Ann: Change of Director's Interest Notice, page-6

Hi Shistonsou. I didn’t mean to suggest this is much of a concern, particularly in the context of the updates at the AGM which suggest things are going very well.

Having said that, it would have been nice, from a long term perspective, to see the “succession plan” that seemed to be in place five years ago maintained. Back then Taine was actively involved in managing the business, and we could easily imaging him one day taking the reins smoothly from Alf, keeping it in the family. There was also the prospect of the family maybe taking it private one day, which would have provided a take over premium for shareholders.

Instead the family other than Alf seems to have exited. Alf is around 80 and won’t be around forever. We don’t want his shares to effectively form an overhang, inherited by folks looking to sell them.

Maybe I am reading too much into all of this, and some sort of family plan which would broadly maintain the status quo post Alf is indeed in place, and we just don’t know about it. That’s possible too.

Anyway, all this is much less important than the state of the business, which looks very much on the up. Does anyone have any knowledge about why we are restructuring the Middle East? I had thought that was generally a success story.