Ann: Response to ASX Appendix 4C Query, page-44

A while ago I posted something in which I commented that the deal with colintons was not a good one. I still believe that - and worse. These are the red flags for me:

1. A deal which means whatever happens colintons is ok. In doing that deal the board effectively halved the value of the shares but obviously without a plan to recover.
2. writing a response to legitimate questions from the ASX which makes no sense. I’m sure you’ve all read it but there are so many holes in the way it is written that it’s hard to feel anything other than despair about the competence of the board AND the executive team

i could go on but there’s little point. Mostly I feel sorry for those who are substantial shareholders, who kept ploughing money in and have borne the consequences of a series of problematic MDs who happily fed whatever fantasy had taken their fancy. Personally I think Rosheen ought to look for some board members who understand the realities of running a properly commercial organisation, who have an understanding of the speciality chemicals market and buying decisions, and have the ability to make independent decisions based on a rational analysis of the situation.