Ann: Results of Meeting, page-28

Even if we take the most pessimistic view that the mining not asx listed shares are useless to non majority shareholders, and that we won't get any dividends from them moving forward and no sale of that company at a future date, so lets assume them as useless. Ppk has still gifted shareholders lis.asx special dividends which even at these levels appears to have a 100m market cap. So if you value the mining business at 15mil or lets call it 30mil based on hy report then I think we are still ahead if not level. Happy to be corrected with the numbers above however I propose the principle of my post is correct. Not trying to promote ppk, however it is the thinking which may put some perspective on this. The share price drop is another thing and yes shorter term holders are more subjected to this than those with a 3, 5, 10 and even 30 year outlook.