any comments , page-23

Hi Buddy

We both know that I've been critical of how we go about things on more than one occasion, so I think it's reasonable to assume that I'm not a management stooge. :)

In regard to keeping themselves in a good job, they do only get 15k a year buddy, with the exception of the chairman who gets 20k.

Now you, others and even me might not think they're worth more, but as director fees goes, I suspect those figures are well and truly at the lower end of the scale.

We need new blood you say and I agree, but this is why they asked for the ability to pay more money. When/If the time is right, they wanted the ability to be able to get fresh expertise on board. As things stand, to my knowledge, the directors have not given themselves any pay rises. The potential increases were put in place to give them a chance to incite the quality 'new blood' you and all of us are after.

In the past couple of years from memory, Angus has spent over 200k on market buying shares in our company, so he wants/needs us to fire up, as much or more than most.

Back late last year, he was the one who added the line in the proxy vote form re. 'possible success at more than one of our projects'. This, I believe, was the reason for asking to be able to pay more. I don't believe it was specifically for them, as much as it was so they could lure new directors, if and or when the time was right.

I suspect we could and should have done better over the time, but the in the area of the above-mentioned issues, I actually think they were being pro-active.

Fingers crossed Sir.

Regards
RM