Ann: Preliminary Final Report, page-41

We are nearing the end of this process. Having held out, to allow both parties to provide shareholders with justification for their support, here’s my take on the situation.

Incumbent board – Failed to share anything that provides reassurance that performance will improve.

1. NO figures on July and August – this should have been their silver bullet, if all the rhetoric was true.
2. Rehashed presentation. No meaningful detail on this ‘approved strategy’ - key measures, milestones and figures, to which they can be held to account

Proposed new board have provided information that highlights

1. Many broken promises from the incumbent board including continual failure to deliver margin improvements, despite reassurances and several senior management changes
2. Failure to properly integrate the nine businesses, despite several operational reviews, under the current stewardship of Mr Lamond
3. Exorbitant levels of remuneration paid to Mr Lamond whilst he was in Spain, fulfilling the role of Executive Director – Business Development

However most importantly the proposed new board HAVE provided details of:

1. Their strategy for the business
2. Figures and timescales for meaningful change – to which they can be held to account
3. How they will address issues highlighted, or skills (eg Survey experience on board) that are currently missing

Based on the information provided it appears prudent to vote FOR the resolutions.

I understand that votes can be submitted/amended quickly and easily online at Computershare before 10.00am WST Monday 23 September 2019.