annual report

Brockman shareholders,

Sure there are lots of things going on at BRM at present that make no sense and that we shareholders have no idea about or knowledge of.

However, l suggest that our greatest asset is contained on pages 77 and 78 of the annual report.

These pages list the spread of shareholders and the top twenty shareholders.

I still believe after reading this report tonight that there are sufficient non WNI related shareholders who still hold the balance of power.

I'm assuming (who really knows) that a number of these top twenty, unrelated WNI shareholders, are not heavily geared and therefore can work through the current issues with patience and a clear mind.

For example l'm sure Ross Norguard does not want to see his shares that were worth in excess of $50 million last month be turned into a pittance in the ensuing months.

Remember there are also a few insto's in the top 20 and l assume that they would want to preserve the value of their shares.

In summary, l think we at least have enough protection in the top 20 to see control remain with the minority shareholders for the foreseeable future.

Added to this we have an "outstanding port facility", terrific resource and cash at the bank.

Chins up everybody, we can see what's happening but there appears to be nothing in the short term that we can do about it but please take the positives out of this message as l really believe they cannot be disputed.

Let's start and search for the diamond in the rough and not get clouded by all this negative rubbish which becomes very tiresome for all of us.

Remember, no matter what, whilst we hold our shares, we hold the power.

Yes we will get tested on price (but think why this is happening) and possibly retested but remind yourself of the quality asset that we have, namely 18.5 million tonnes per annum port facility.

It is worth a lot of money to someone.

Good luck for FY 2012, it will be defining.


Yarramundi