New CEO, page-7

Glad to see our outgoing CEO got his own company and the POO so wrong by selling out 250,000 shares around $20 by memory. I get diversification being part of his reason, however a strong leader should have portrayed confidence to his shareholders who lined his pockets with $10s of millions in cash and share options over his long tenure. He should have sold once he left as it wouldn’t have been required to be disclosed on the ASX. Anyway WPL has actually outperformed the all ordinaries index since his sale, so stiff sheet.

We need someone who can execute some equity sell downs. Id like to see someone with O&G experience in M&A. Big kev has done a good job with turning around STO in dire form, it was the titantic and admittedly I sold a lot of our large shareholding circa $4-$4.50 a few years back (sold well over 100,000 shares). However I put a lot of the proceeds in extra BHP shares which outperformed the STO rebound plus utilised a lot of tax losses I needed. So came out ahead for my loss in confidence on STO luckily.

WPL at $60-$70 POO is an absolute cash cow. But I don’t want to see it’s balanced sheet over leveraged on the new projects.