Ann: SGH offer will not be increased absent alter, page-2

re: Ann: SGH offer will not be increased abse... With 1.3B shares on issue the 2cps offer to holders means that SGH will only have to stump up a measly total of $26mm to buy us out. What an insult! I am totally outraged by the way that this has been engineered and the parties that have brought this about. The interests of the company/members have been totally ignored.

This latest statement by SGH that it will not increase its offer tells me that we need to get a Liquidator in control of the company. As I pointed out in my post yesterday at 17.59, if the Scheme meeting votes down the SGH offer we fall into the SGH trap as it will force the Board to appoint an Administrator and then ONLY CREDITORS are entitled to vote on the fate of a company in Administration and SGH will garner the creditor votes. Members will be sidelined and have no say! The last thing that SGH wants to see in place is a Liquidator as this will stymie its attempt to screw us with its pathetic offer. Furthermore, a Liquidator is able to investigate the conduct of officers and past transactions. Personally I prefer a Liquidator to 2cps!

ANZ