I also attended the AGM, and I would like to second Troutfisho's...

I also attended the AGM, and I would like to second Troutfisho's reports. Very accurate portrayal of what went on.

Thanks Troutfisho! Saves me from having to think it all through carefully.

Like you, I was very surprised at the vote for the remuneration report. Passed on a show of hands, with at least 90% of those present voting in favour.

My impression was that the SPP will succeed, based on the number of positive comments. Opinion seemed to be very sharply divided, either strongly supportive or strongly critical of the company (and/or its management).

At the present time (and I reserve the right to change my mind!!) I'm leaning towards supporting the SPP. The simple reason is that I believe the company WILL survive, and will therefore (eventually) make money.

The dilution due to the SPP is phenomenal. A consequence of this dilution is also that the price target for the shareprice is now 33% lower than what it was previously. Same profit, 50% more shares, therefore EPS 33% lower, and target SP 33% lower. I think those with high average cost at present are increasing the risk that the SP might never get to their entry price again.

On the other hand, the largest single shareholder in the company sold out on Thursday. It was a single crossing, so we now have a new largest single shareholder, who may have crossed the 5% significant holder line if they held stock previously. Will be interesting to see if a sig holder notice appears next week.