Ann: Notice of General Meeting/Proxy Form, page-2

Having read the docs. I'm finding it difficult to endorse either party. The current board with all its expertise has driven the share price, not to a disappointing level as they state, but rather to the disastrous point the Requisitioners state. Further, we knew way back at the half yearly (and the board would have known long before that) that corrective measures were urgently required. They have been very slow to respond, and it is difficult to understand how such a 'well qualified, experienced and expert team' lacked vision. You really have to ask 'did they know what they were doing?' In many respects the answer to that question has to be 'no'. We have paid out I think from memory around $80 million in acquisition costs and the only conclusion one can draw from this is the Board has destroyed an awful amount of our investment.

AS for the Requisitioners, it doesn't win any favours that they held senior positions with the company through much of the transition period. Aspects of the proposal to right the ship make me wonder if they would be making the right moves. Personally I view Aqura as a sound add on to the surveying business and it is profitable. Likewise Elton Consulting with its planning and advisory services seems to make the 'one stop shop' approach sensible. At the half yearly It had delivered as promised and was the chief reason we reported a net $200k (again from memory). I do agree with their cost savings at executive level because such remuneration packages are largely out of control and not at all in touch with life for the average shareholder or indeed hard working citizen. I am unable to attend the meeting which is where one would gather insight into the characters and their integrity. Those are the very things that would sway me, and I'm a reasonable judge of them.

The annual is due. When that comes out we'll know how much the measures taken have filtered through to the bottom line. Since they acknowledged the poor 7% surveying margin way back at the half yearly and were taking immediate corrective measures, one could reasonably expect a lift to double figures, even allowing for a large amount of surveying revenue being derived from ongoing contracts. Anything short of a few million dollars net profit places the Board's position in jeopardy.

In the bigger picture of rebellions, it is normal for rebels to actually have a just cause. Me thinks therefore their is worth in their action, perhaps pointing to further underlying issues that are beneath the surface. We aren't fools that simply buy into the Board's 'challenging conditions and disappointing drop in share price' which is simply not a reasonable explanation for their poor performance, the more so in light of their credentials. The large payments to senior execs. could indeed be counted as a 'just cause'. Many of us would be out of a job if we had performed so poorly in our fields of expertise. History shows however, that following successful rebellious action, organisations typically end up in a worse position. So for me it is catch 22. I am interested in the thoughts of others???