Ann: Release re Share Transaction, page-34

I feel this was the best possible outcome, Len is 92 years old, I think we all knew he wasnt going to man the ship forever, in fact I wondered what position his eventual departure would leave the company in.

In fact I was dreading the day he sold down his stake to institutional investors (at a discount) and left the company rudderless, I suspect this alone was putting pressure on the share price. However this deal is probably better than we could have hoped for, Len will stay on as MD and he's effectively exited his stake at a 30% premium as opposed to a discount.

Now take that as you will but there is no point losing sleep over it. As a shareholder you need to weigh up the current position of the company and the following significant factors come to mind (both good and bad).

1. We now have a massive juggernaut of the industry backing us, willing to share IP and provide additional synergies, these guys will run a tight ship, if they cant improve the financial performance of the business I dont believe anyone else can and its time to sell out anyway.

2. The share price will trade with an inbuilt takeover premium, the company has been heavily shorted in the past and whilst I typically have no regard for share price movements and am more concerned with the underlying business I feel like AGI's lack of liquidity made its share price easy to manipulate, and a number of institutional investors have stated they have been short the stock. This significantly increases the risk of such a position.

3. I am curios as to why they are only taking up 53% of the company. I'm a little nervous that they would potentially shaft us and recognise sales directly through the parent company giving them 100% of the sale proceeds rather than 53%. I'm not sure how to get comfortable that this would not be the case.

To all the holders complaining this deal doesnt favour existing shareholders, im fairly certain (could be wrong though) that the share price will open at $2.75 tomorrow morning so please feel free to sell out at the same price as len is receiving.