ADN has performed quite poorly over the last 12 months. The...

ADN has performed quite poorly over the last 12 months. The Board has not met its own timelines and objectives over a wide range of focus areas. The Board has not articulated a clear vision for capture of the full potential of its assets and nor has it effectively executed against a clear plan that ensures speedy achievement of commercial outcomes in the highly prospective tech applications for halloysite. Key dates continue to slip and we have no evidence of any strategic leadership from the Chairman. ADN is no longer a spec explorer, if we want to become a globally significant industrial minerals and technology company we need a chairman that has a demonstrated track record in that space and at that level.

Whilst there might be some temporary setback if we let go of the current Chairman, the medium and longer term gains from having a far more competent person in that role, with the strategic and commercial skills and connections to appropriately focus this company on its industrial mineral and technology future, will far outweigh any temporary setback whilst a new chairman is recruited. Unfortunately, the current chairman has not once demonstrated that he has a passion for where he is taking this company and how he intends to capture the full potential of the technology opportunities. I believe his continuation in the role will set the scene for ongoing underperformance and continued failures in corporate and strategic execution.

I have been a long term shareholder and have been impressed with JM's achievements despite questions about broader Board performance as well as the performance of key corporate advisors. Unfortunately the last 12 months has caused me to reset my view of the company's performance. Whilst I remain a long term holder, I am concerned that the Board is not effectively executing to capture the company's full potential. I will therefore not be supporting any remuneration increases, nor the reappointment of the Chairman nor the grants of options and shares. The Board needs to demonstrate sustained delivery and execution at a far more competent level before the proposed levels of remuneration are warranted. The remuneration report demonstrates that all Board members have already been extremely well remunerated despite the fact that this last year has seen a series of very poor outcomes and underperformance. The issue of shares and options should only be supported where there is out performance not underperformance. When that happens I will be very keen to support very attractive performance bonuses but not before.