As said earlier, I contacted Dave Segal to discuss his...

As said earlier, I contacted Dave Segal to discuss his nomination for a board position. Here is his email reply and he has given me permission to post.

Dear xxxx,

Thanks for your email. The response below should answer your queries.

Despite the non endorsement of the board my nomination is not an opposing ticket. I support the current board and believe they have the credentials to make the Company successful. That being said I believe I can add great value to the board for the following reasons.

1. I am a significant shareholder who has been invested in the company for 17 years. Like the vast majority of holders the current value of my holding is less than 10% of my investment cost.

2. I have worked with the company for 5 years and have had good working relationships with key staff. I can give the board a perspective they can never have as independent directors. There will still be a majority of independent directors as per ASX guidelines.

3. I know personally and have spoken to a large number of shareholders over the years  ( probably 50% of the top 100). Most of these shareholders have been loyal holders for 5+ years and are suffering large losses on their investment.Whilst as a director my primary duty is to the Company ( and consequently all shareholders) I feel a particular obligation to represent the interests of those longer term holders. It seems inevitable that the board will be considering future strategies of a significant nature and I feel it is important to have shareholder representation on the board ( the other board members having virtually no shares at present).

4. I have appropriate board credentials, having worked as a stockbroker for over thirty years including having set up ,raised capital for and managed Trent Securities which was absorbed by Shaw Stockbroking. My academic qualifications include Commerce Law degrees from Melbourne University and I recently completed the Australian Institute of Company Directors course. I have the skills to analyse and interpret financial data and statements as well as to understand and evaluate corporate and strategic proposals relating to the Company's future.

5. I have a comprehensive knowledge of the history of the company  it's technologies and its personalities. Whilst most shareholders would prefer to forget that, I believe it is important to understand what has happened in the past.

6. I have no outside or conflicting positions with other companies. In fact with no previous experience of being a director of a listed Company I have no skeletons that could cause shareholders some anxiety. I also feel that having a majority of directors living overseas does not make sense in terms of where the company is at the moment. My appointment would partly redress that imbalance.

7. I am putting my hand up to help. The obligations and duties of directors is somewhat onerous. It will be relatively high personal risk for not huge financial reward. I believe as a director I can be effective in trying to restore market value for shareholders .

I'm happy to answer questions from any shareholders . My contact details are 0417541823 or [email protected].