egm update, page-5

Another thing I liked from the EGM was what AS had to say about the new building and the supp IM that resulted. Having issued the 400 page IM to all shareholders (and as per a previous post the Corps Act required hard copies to be issued to each and every shareholder) the decision was made to go ahead with the new building, as opposed to leasing an existing factory with a $12m fitout cost. The only problem was that a supp IM had to be prepared and distributed in 36 hours, in order to ensure that the EGM was held on the scheduled date. And like the original IM, it had to be reviewed with a fine tooth comb by solicitors in Oz and the Us and regulators.

AS said the solicitors advised that it would be easier just to hold off on the new factory for a month and avoid the pain of having to prepare the supp in such a short period of time.

The take away from this...... management are not letting anything get in the way of slowing down the growth of this company.

Mykron are lined up, ready and waiting to provide us as many lines as we need. Got to love the GFC!

And my favourite AS comment was when he referred to the IM as 'the Bible'. Funny thing that, I called it the bible here last week!

The only disappointing thing about the EGM was that Mr "I've mortgaged my house on Uni" wasn't there.