let ian know how you feel, page-14

In part of the Chairman's Letter (Page 5) it reads;

"We will also ask shareholders to approve the introduction of a new Employee Incentive Scheme as part of the Company's remuneration policy of providing incentives for successful performance by staff as measured by Key Performance Indicators (KPI's) - also the issue of performance share rights to Executive Chairman Ian Finch and Director/Company Secretary Neil McKay. You will also be asked to approve the issue of options to Non Executive Director Peter Rowe.

I strongly urge you to support these proposals."

However, in part of the Explanatory Statement (Page 13) it reads;

"Each of the Directors declines to make a recommendation in relation to proposed Resolutions 5, 6, 7 and 8 as they have a material interest in their outcomes to the extent that the resolutions provide for the issue of Performance Rights to each of them."

It seems that Ian Finch in his capacity as the Company Chairman regards his urging of shareholders to support Resolutions 5,6,7 and 8 as somehow different to declining to make a recommendation in relation to the same proposals in his capacity as a Company Director.

If shareholders are prepared to act decisively and go to the trouble of actually voting against these resolutions it will send a clear message to the directors that you will not tolerate this selfish assault on your stake in the company.

These directors are preying on shareholder apathy to get these resolutions over the line. Pure and simple.


Stagman