Ann: Recapitalisation and AGM, page-98

Tomorrow is D day for holders in my opinion.

1. We can go for the known and vote yes meaning that 100% of our SGH UK arm and 95% of our SGH Australia arm is gone to the American lenders (subject to court approval).

Even a yes vote will not guarantee that we get anything for our shares in the end.

2. We can also go for the unknown and vote NO and keep (for now) 100% of our UK and Australian arms but with what appears to be unsustainable debt attached to us. One reason to vote NO could be that we could hope for the American lenders to give us a better deal or they could perhaps sell their debt to someone else more reasonable. The American lenders could also attempt to put SGH into administration or liquidation although that could lead to some problems for them such as for example our service contracts with our clients that may be deemed void (not certain about this) and the Regulators could move in to protect our clients (not certain about this). Several other things could happen after a NO vote. Fact is that we don't know what will happen if we vote NO.

So a NO vote will certainly not guarantee that we would get anything for our shares in the end either.

My reason for voting AGAINST the American lenders and AGAINST the SGH directors is because I do not believe they have been transparent with us in relation to for example how SGH is going today cash flow wise.

Is that because SGH is now going well and the American lenders don't want us to know before the vote?

It certainly would harm the yes votes significantly if we knew SGH was going well. Fact is that the lenders themselves have written in their explanatory notes that SGH is not expected to need more cash injections.

One must ask the question why do the American lenders want to take over all of SGH all of a sudden?

Also they were not transparent with our lawsuit of WTG for $1billion in their explanatory notes.

The above raises serious questions about transparency in my opinion.

All in my opinion.

Do your own research.

We all vote the way we find is best. We all have different circumstances, risk profiles and thoughts.

Good luck to all shareholders regardless of voting yes or NO. Also good luck to the hard working SGH employees who deserves the best possible company to work in.

SWC