Ann: Consistent Progress for Vonex Retail, Wholesale and Oper8tor, page-9

Good afternoon Raging Rhino. I am very happy to hear that Matt is getting back to you. I suppose it is probably because you do not point out some of his weaknesses. I will praise someone when they do something good but I also will bring it to their attention when there are things that can be improved. And if the response is that you put your head in the sand and don't look at the criticism and see how you can use it to improve then you are not the right person for that job. I disagreed with them putting their hands up for their performance shares prior to the listing and I told the whole board that it was a really stupid thing to do. They did not think about what was best for the company and their shareholders and put it forward. It nearly resulted in the company not getting a listing and if it wasn't for Alan Hills good work at Stateone then we would have still been waiting.
Since then the terms of the performance shares if you have a look at the ASX requirements they do not cut the mustard. There should be a time period and also a lot tighter control over them. Basically the board gave away 30% of the company for an idea that two years later still has not been commercialised. Where is the performance in that????
In regards to VN8 listing on the ASX that was basically because Nick Ong got us there. Matt is a very good oper8tor when it comes to managing channels but that is not the role of a CEO that is a COO. A proper CEO will take every opportunity to talk to his shareholders and promote his company and look for opportunities to further its progression. I know personally of two opportunities that the company has missed because the CEO did not answer calls or look into the opportunity and see a way that he can make it a winner for the company. One of them was a opportunity to manage the hosted PBX for a foreign government. That was right in out target business and it was just a case that the CEO would not get back to us so that we could arrange for them to talk to the company putting it all together. whether we would have won the tender is a different story but from what I gathered we should have been competitive. Considering that it was for all the government offices it would have been nice to see those numbers on our platform. I think that our company would have been trading at a totally different price point if those numbers were coming through and we also may be even breaking a profit after two years.
about 6 months ago I sent the board a question about whether they had the right people on the board to make sure that Oper8tor reached its potential. There was little response other than to say that they were all doing a good job. Oper8tor now has been in a testing phase for over 12 months. Hopefully you have down loaded it and had a look at it. To say I was a little underwhelmed would be a understatement. Who on the board or was it the CEO who has been looking after this????? Looks like no one and what was released was really not very functional. I have sent at least 20 ideas on things to include which to me was just common sense and if it was shown to the board(as I hope it was) then I want to know HOW they could have released this?????
Now the $1.4 million placement you said went to institutional investors. Are you sure that is where it went to or did it go to Pac Partners clients. It is strange that ever since they did the placement at 9.5c the stock has hovered around the 10 to 10.5c mark. If it was an institutional investor don't you think that they would not be selling. Why did all the selling line up at 11.5 and above after the placement. Tends to be more retail guys looking for a 25% return on a quick turn.
Also what board would do a placement prior to putting out good news?????? Once again another example of poor decision making at management level. Put out a good announcement after a placement and it only entices people to make a quick profit. what you want to do is look after the shareholders by doing your placement as high as possible hence put the announcement out first getting the price rising and then do a placement.

I look forward to more constructive comments and discussion in regards to this company.

GLTA and DYOR