Ann: Receipt of Request to Hold a Shareholder Meeting, page-6

There is no doubt that the board/ upper management of Veris needs a major shakeup. The policy of growth through acquisitions during a period of economic growth worked well. However, the downturn in infrastructure projects / land development over the last 12 months has exposed management’s lack of experience in bedding down these acquisitions. They have been unable to extract economies of scale from their business acquisitions and have simultaneously been unable to remove duplicated costs. Shareholders face the unenviable choice of backing the incumbent failing board or supporting the interlopers who are all former (failed??) senior management. I would want to see a detailed plan of action before I could support change. Shareholders have too much at stake to vote blindly.