I am very disappointed with the performance of the...

I am very disappointed with the performance of the Administrators. We have witnessed a very inadequate 439a report that had an inferior level of inquiry and the conclusions were in the main unsubstantiated and certainly not reasoned to the level that you would expect if the administrators were appointed independently by a Court. The DOCA proposed was not thought out and presented adequately for any of the parties and most especially shareholders.

The minutes of the 2nd Creditors meeting were deficient in many areas and did not represent a true account of the answers supplied to many of the shareholder questions.

I raise this now because I feel there have been serious breaches and the administrator's actions require a thorough investigation should the outcomes achieved in the Deed Administration impact adversely on Shareholders.

This is one way of many to register this complaint. And I know we are all trying to be positive and wait for the creative solutions to precipitate from the Deed Administration Process to restore some shareholder value and allow us to recover some of our substantial losses. I am hopeful but not optimistic when I weigh up the Administrator's performance thus far and I sincerely hope that we will not have to rely legal remedies to recover our costs.