Phispheet These are the facts : You ask shareholders to give you...

Phispheet

These are the facts :

You ask shareholders to give you $550million they do so.

I dont have an issue with selling assets - Asset sales should support repaying finance and improving shareholder returns.

I cannot believe that you would think that shareholders would have given $550million if they were told that at the end of 5 years there would be less $100 negative ordinary equity. that means $650million of ordinary shareholders funds gone even after the scalpel was used to get ELD back in business.

Look at the presentation made on December 2 - 3 2009.

Compare what is left today with what was said then.

I have no issue with Mr J - It was always going to be a hard ask - I just dont want it polished up into something it isnt. $550 million was put in for this plan and it cannot be said that the outcome looks anything like the presentation. So to call it a turnaround now is not true in my opinion. It may well be true in a years time but now it is not. Even then you have to value the asset after turnaround and if it cannot be valued at more than you invested in 2009 than it must be a failure.

Those are the real questions.

As regards getting a real offer - They may well get one but I cannot see how 12c per ordinary share can be supported by the valuation today. I am not taking issue with Mr J only the belief that you and others keep expressing about how valuable things are - if the trade-name was that valuable by now they would have got a formal valuation to support the value.

I am not saying I have not made similar mistakes - I am still waiting a return on my investment in TODHA - I should make a profit but the capital has been idle for about 5 years.

Right now - today management presented the best picture they could and its not good in my opinion - so lets not polish it up lets just accept facts.

At risk are those who may well have two routes - route one - stay and see if next year is better , route two sell. To me neither changes what has been presented today.