New Year New man New Hope, page-2

Hi Desall,

"a new man new hope" pretty much sums up the majority of shareholders views in relation to MT and his gobsmacking performance stripping outrageous amounts of cash (in relation to performance) out of the company over the years with absolutely no shareholder value being achieved after 30 years at the top.

For the last 3 years I have received dozens and dozens of emails and calls from shareholders (some I know and some I don't) expressing their concern about MT not being capable to manage the company properly and add shareholder value. To date they have been right!

Yes its hard, but also pays great $$ $ $$ and those $$ $ $$ are paid as reward for performance and adding shareholder value none of which has been achieved in 30 years.

Unfortunately at the age of 70 plus, no skin in the game of any consequence (what little he does have he didn't have to pay for) the last three years performance (or lack off) combined with the worst presentations witnessed by shareholders at the last two meetings all point to the used by date long gone.

For an MD to stand up, fumble around, bang microphones, get confused with pages on the computer and then after referring to potential sales figures MT was outright rude and condescending to shareholders brushing them aside when questioned about costs/profit margins on the quoted sales figures.

MT has never won over the public (brokers, analysts, shareholders) with his presentations and discussions. I know brokers from Shaws, SBS Warburg, Pattersons, Morgans and BT to name a few that have all made similar comments.

An MD needs to be Dynamic and have the ability to capture the imagination of the investors/brokers and give presentations in a confident, professional manner.

As for the rest of the board Mr H is of no value and Terry Cuthbertson as Chairman stood back while MT paid himself and the board nearly $1m in 2014. Certainly seems to be jobs for the boys and feathering their own nest.

Mr T can be replaced by any dynamic MD and it will only take him 3 - 6 months to get up to speed.

Unfortunately, I hate to say it but Mr T has run out of time!

The company lacks credibility which is a direct result of the company having an MD that time and time again has failed to deliver on time frames, contracts & construction.

Like Hawke & Keating, Rudd & Gillard, Abbott & Turnbull if you don't perform you will be moved on.

APG was put on notice 18mths ago and nothing has changed other than we are still liquid and listed (thanks to Nick Gaston)

The "New man" is a start but I certainly hope that they don't think that will keep the wolves away!

As N Gaston says, while he is there the company will survive! I agree but also say that while MT is the face of the APG N Gaston is fighting a losing battle.