Frustrated holder, page-28

With respect to your first question (about past mistakes and things that should have been done differently) - the most glaring example in my mind was Tony's failure to plan for the worst case scenario (which ultimately transpired) - Teck exercising earn-in and Rio walking.

Tony knew (or should have known) this outcome was a distinct possibility. He also knew the two decision-points coincided EOY CY16. The prospects of both projects stalling simultaneously was foreseeable. Yet he had no contingency measures in place (despite having the cash and time to do so). It's simply poor strategic management.

And of course his failure to look ahead and manage strategic risk put the company in a position where it needed to start from square 1. This is why we have been forced to endure 4 months (and counting) with zero news flow. This is why the shareprice has crumbled to such dire levels. It's all due to Tony's mismanagement and poor planning.

Anyway, this is part of the story I intend take to the shareholders if things don't approve in the next several weeks. I'll refine the messaging. I'll tailor my approach to each type of shareholder - big and small. I'll run this campaign in a professional way.

My goal isn't to embarrass Tony amongst his big end of town backers, or ferment discontent amongst retail shareholders. I'll use the register in a responsible and appropriate way that accords 100% with ASIC requirements. I hope to communicate with every single Azure shareholder and build a degree of consensus about company directions and areas of necessary change