Dear Mr Chairman

Over two weeks ago, I wrote to the Chairman and outlined some points that I thought he and the Board should consider when reviewing the performance of the company. I did not expect to get any answers or comments on the points that I raised but I thought that I would at least get some sort of acknowledgement that he had received the letter. However, to-date, I have received no response whatsoever. I can only assume that the Board believes the lame excuses being fed to it by management concerning the poor performance of the company when compared to its peers. The Board seems to accept a corporate culture of over promising and under delivering. I hope that some of our major shareholders wake up to this and start demanding changes at the top.

Just another example of the company's great communication skills. Clearly, the Chairman has no interest in small and medium size shareholdings.