Ann: Results of Annual General Meeting, page-3

Just returned from the AGM, well worth attending, speaking to the senior management over a beer gives a lot of insight into the operation.

The big news was the Shortfall offer was massively oversubscribed. Don't expect to get your full allocation if you applied.

The 1st resolution was the reelection of Mark Hepburn. I only bought into MLL/FFX when they announced they were buying Morila so don't know the history before then. Alistair spoke very passionately about if it wasn't for Mark & Brendon the company would have gone under prior to Morila. I've spoken to Doc Al a few times and I very much respect his judgement, he doesn't suffer fools.

I also didn't realise how much Capital Drilling has supported us, they too have saved our bacon in pre Morila times. The CEO? was in attendance.

A question was asked about FFX's past funding re Debt vs Equity funding. Doc Mike explained they had several debt propositions as well as the equity proposition that was put to the Board. We all know what the Board chose. Doc Al did elaborate and said the terms of the debt finance was "outrageous" . He went on to say it isn't just the interest rate, but the options they want, up front fees etc etc.

To me this just reinforced how the armchair experts critical of us using Equity financing vs debt financing have no idea at all. Thank god they don't run the company!

There was one shareholder who had a big gripe about the size of our work force. It was explained the vast majority are contractors, so it's their decision as to the amount of employees they use. A quick google shows the average wage is $95pm in Mali. I mean really, what a w*!^ker, we get so much goodwill & access to the government which Mike gave 2 examples of because of out contribution to the community & workforce.

I must admit I take my hat off to management having to put up with such ill-informed comments re lack of debt, work force size and other unfounded criticisms.

There are a lot more very positive things happening they talked of, I'll try to update further over the weekend.