Perth Presentation, page-11

Let me put it this way Krusty …..the last time Alexium were in Perth was the AGM that Gavin abused all the shareholders for knocking back the remuneration report. It turned out that investors were 100% correct, and that Gavin and Nick were 100% wrong. I walked out of that meeting pretty annoyed with our management and their attitude, but I stayed in the investment because I believed in the fundamentals of it.

I walked out of this meeting with a much different feeling than that one … the relaxed and knowledgeable Bob, the confidence and the direct nature of Jason ("If you want a "yes" man, ya better look somewhere else"), and the smooth hand of Mark left me feeling very comfortable with where we are.

Their relationship with the board is also reassuring - they have great respect for, and spoke highly of all the members of the board and the input they have, and the board knows when to be involved and when to stay out. That strikes me as a very good balance. I don't like to see companies that boards try to micromanage - especially non-executive directors. Nor do I like to see boards that are having a lifestyle picnic, and only really appear at the AGM. They discussed openly the time it took to get enough trust between the board and management after GR left, and I think that's a good sign, where Sue took some time to work out not only 'where' the problems were, but 'who' the problems were. I think Sue may have been Gavin's SINGLE piece of great work.

Yep … more confident, with a better understanding of where to be relaxed and where the issues will lie in the future. I don't see any real problems, but I think there are some pinch-points with finance, and our penetration and margins will determine what they will be. Jason mentioned that he is much happier with formal financing than with dilution and cap raises …. they didn't say they wouldn't ever come back to us, but in his mind it is not the preferred option if they do reach a point where more capital is required.