Ann: Cost Reduction Program and Board Changes, page-5

I really don't rate management over how they have handled their cost base.

First, this announcement is at least 6-9 months later than it should have been. Maybe more.

Secondly, a 10% reduction in board salaries is the minimum they could have got away with. Casello in particular should have led by example and taken a bigger haircut than the rest. It's not as if he's underpaid, and he hasn't delivered a result yet. Far from it.

I feel sorry for the people who have lost their jobs. But as for the "difficult" decisions the Board and Casello in particular have taken, spare me the sick bag.

The only ones with difficult decisions are the shareholders who held at 40-6c or bought in at that level based on an assessment from management of Hanlong and project timelines that now looks (at its kindest) ridiculously naive.