Ann: Restructure of SAY Board , page-5

Thanks monhawks. That is interesting what you state about Greenday being up for restructing companies. There's definitely massive potential in the SAY tenements (as megadennis pointed out, the old ANU had a market cap of over $100 mill at one stage), however the company has been begging for a restructure for some time. I suspect this hasn't happened because of Franco's involvement at the board level. So, the positive is that he's had the maturity to step away from it. This could be the deal breaker. The question is still who is going to run a company that is going to make Franco rich rather than themselves or other interests. It probably needs someone with real Mining experience - now that Haren has stepped away from the day to day. The other guys at the board level made their names running Techpac, an electronic wholesaler that did extremely well, but I'm not sure what real mining experience they have. Do they need it? Not sure, but when they make the wrong call about using a plane to do the aeromagnetic survey on putu, and then they change it to a helicopter mid way through? I mean that begs a few questions as to the competency of the guys running the ship. I'm happy to be corrected if that's something that couldn't be foreseen.

Still, I hope it's a positive restructure. They got a please confirm you are trading solvent from ASX in early feb.

Their response is at:

http://www.saironsteel.com/docs/announcements/20100204_Response-to-Query-re-Appendix-5B.pdf

It's still not clear what they have done to address these issues:

- Equity raising (well recent deal. not really)
- Selling land? Haven't heard.
- Company taken steps to reduce its costs? Erm. Just bought an option to make a rather large tenement purchase. Who is going to pay for it?

I just hope that Franco's departure spells a new dawn.