Ann: Quarterly Activities/Appendix 5B Cash Flow Report, page-25

That's what I call cutting off your nose to spite your face.

We have a wealth of experience on our Board. Our senior management is first class, if you want the likes of Simon Hay to join Firefinch you'd better not be paying peanuts because all you'll get is monkeys.

The only complaints I've heard on this forum is about using equity finance ahead of debt finance and the delays with the demerger. The former is a Board decision and IMO it's mainly the noisy minority who complain and even then don't direct it at the correct target. I think the majority of holders are quietly thankful under the current environment that we don't have debt.

The demerger delay, who do you blame? Is it Macquarie, the Chairman, Simon, Mike, or just the system. Certainly it would have been a Board decision to demerge after the JV was complete. Even if there is fault, is it a sackable offence?

IMO the main thing is both projects are ahead of schedule, on budget which is a reflection of the Board's decisions and managements implementation.

Be very careful what you wish for.