brierly confirmed, page-12

Hi Shane

I got Tom to send through a copy of the letter from G Lord to me so I could have a read.

1. They are not happy with a cash burn of 2mil a year. Well over 1/2 mil has been spent on defending the 11 cent KZL offer and now this is going to add to it.

2. They want all cash returned unless there are great projects to invest the money. This is what Tom and the crew are doing, they already have some lined up.

3. They are not happy with the 0 return generated. Me neither but what would they have done differently during the GFC. If you look at the work and financials you will see they battened down the hatches.

I see no reason to vote yes as they have not provided a better vision than is already on offer. In fact I see the same thing only with 4 extra people and no doubt 4 extra mouths to feed. They state they are not asking you to vote the guys off, just vote them on. This implies they feel a reasonable job was done and now may be the time to take over and do some deals. Who wins in that scenario?

If they want control, buy the thing for 22, or is that the Joker up the sleeve?

For me I stick with my original argument: "better the Devil you know"