Ann: Takeover Offer, page-26

Just been absorbing all the information and comments released on AXZ over the last 8 days.

In 2013 DJC did a profile on AXZ suggesting a price of $2.00 when iron ore price was $110 a ton.Curently iron ore is around $90 a ton and management is recommending that we accept 50 cents.

I have attended 5 of the last 6 AGMS I feel well informed to comment.

The board has given many reasons for selling including flooding, fires , cyclones,explosions ,personal injury and much more.Having met with the board at these shareholder meetings , this was never bought to me as an area of major concern.The cyclone was explained as a 1 in 100 year event. As for the flooding , well if anything this was going to be a symbiotic relationship. Removal of iron sands was seen as a positive as flooding would be less likely. Iron sand measurements in some areas range from between 4 to 9 metres, so any reduction would help alleviate the problem.

As for fires I do not recall any mention in quarterly report since I first bought shares in 2010 but am happy to be corrected.Same goes for personal injury to staff and also any explosions. ! You need a bit of work to be going on for explosions to become a legitimate problem.I think some of these reasons are overkill .No mention is made of most recent tenement so this must have NO value at all.Funny that !

Regarding finances, Sorbac covered that well, very succinct .

After 7 years of support truly gutted and poorer for the experience.Would have been very interesting if this T/O was read to some 500 shareholders, not a lot cheering but plenty of booing from me and maybe a few others.Will go check the mail to see if the good news has arrived yet.