MRC office up for lease, page-7

Hi Marcus,

You should have been more vocal on HC at last year's AGM voting,

you had the opportunity to spill the boards (Resolution 2) which only require 25% of the shareholders to vote against the remuneration report,

Considering Zurich Bay and the Caruso's held more than 79 mil shares they could have spilled the board with their own shareholder, I am surprised this didn't occur. If you look at resolution 1, only 40mil shares were voted against the remuneration report.



If you look at the other resolutions, it appears more shareholders were upset by the performance rights (36% voted against) and the reelection of numerous directors - 25-27% against.

Interesting David Baker who has since retired had a significant vote against his re-election. I wonder if that had anything to do with his departure later in the year.

All looking good Marcus, Zurich Bay shareholding is significant lower 12 months later and the largest shareholders have increased their shareholding. It will be interesting to see how this years vote goes.

BTW, you should have noticed MRC total remuneration for its directors and key management was $800k less than the previous year when Mark Caruso was the CEO. I would have thought you would have seen this as a positive development.