Ann: Response to ASX Aware Query, page-30

It's like this report was handed down by God to Moses on June 24th.

Do they really expect us to believe that on June 24th they suddenly realised the 6-month delay in equipment delivery was an issue in terms of meeting guidance?

This is after MA told us it was all hunky-dory a couple of weeks beforehand

This is the most damning part:

To believe any of this, you have to live in a parallel universe where in-country operational staff do not regularly update the MD outside of this magical weekly report (i.e. did all these so-called mitigation measures suddenly fail over the course of a week?) And, furthermore, you also need to believe the MD does not regularly update the board or, at least the Chairman, on any of these issues as they arise.

You'd think we were living in a time where operational reports were delivered by sea mail on the weekly sailing boat from Mali to Perth.

And if these operational difficulties were, indeed, a bolt from the blue on June 24th, doesn't this imply in-country staff have failed to keep HQ fully informed. In which case, why the hell is the COO the acting CEO?

At best, this is incompetence of the highest order. At worst... I don't know what.

And I still think the simplest answer is the most logical, that is, information was swept under the carpet to facilitate the demerger and it all caught up with them in the worst possible manner.

And we still have no answers for why all of this required the sudden departure of an MD, a Chairman and two independent directors.