Ann: Presentation, page-77

Agreed. It was wondered at the time if the Board was just ticking a Box as part of their 'engagement with minority shareholders'. The limited ability for minority shareholders to participate in these meetings was born out by less than 50 minority shareholders around Australia being able to attend this expensive jaunt by the Board and with legitimate reason. It just wasn't logical.

Nor was the presentation by the Board. The Board reads HC and already knew that minority shareholders were strongly against the transfer of Flinders Mine's only real asset, the PIOP, from Flinders Mine into a private Company called the PIOP Mine Co (here we go again).

The Board would have got greater feedback if they had put a Questionnaire on their Website and alerted shareholders to it with an Announcement on the ASX (we have had less exciting announcements made on the ASX by our Board) and in that way captured an audience beyond the cities of Australia and also shareholders whom live overseas.

It was an expensive and unnecessary way to gather minority shareholders thoughts albeit shareholders got to ask questions and there was some satisfaction in that.