Rachel Rees, page-28

If he moved on then there are two sides to the story. I don't like it when someone in a CFO position decides it is better elsewhere - That's an investment and it goes against you in your career so Financial people look closely at moving before they do.

We can cheer all we like here but this is not good and at times I think this forum loves to assume that the board are doing everything they should be doing. Really you do have to take some of B777 points and respect them. They did not articulate them well nor was it balanced and at times I thought they held a hidden reason for being said like that but bottom line these are the facts:

1. The new board has been in place for 15 months.
2. The dilution we face with the CR would have been far less if they went to the market after getting control and did it at 1c whilst trading at 1.4c. The excitement at that time was pretty high.
3. Personally I think we are at least 9 months behind on where we could have been and it seems at times that everyone is waiting for September 2015.
4. They have / had got what looked like a good team together , however one has been pushed or jumped either way a mistake was made - either in selection or in management.
5. The CR is just taking too long. I dont think they have convinced the major holders to take up all their rights. They explained that we need the money and the dilution was worth it because we needed to get moving. That's October last year.
6. Waiting for good news - well I suppose that in September the good news starts as we should be cash positive. Is the deal on the CR so good if we only get the money end of March at the earliest now.
7. What has really been happening the plant is operating nothing else seems to have happened.

We may all want to be positive as we put this board in power but from a communication and update basis we seem to lack any clarity - The best test of communication is if the market actually believes it. This shares has not really moved for months now.

I am positive but my patience is very thin and really in a few months if communication does not change I will wonder if all the effort was worth it. Sorry many or most will want to keep being positive but the runs on the board are not there. I must say I am disappointed as I came into this from having a large investment in ERM and supporting them in getting the old board out of power but not much has been achieved since then and in some ways I am less happy with my ERM investment as they had impressed me as people who got things done.

They also have not taken a lead in the MEL saga either and the deal MEL has done looks like a dog and the sp has halved since management announced that. They are only a minority but strategic shareholder , however once again seem to have no influence over management. You have to ask questions as to their ability after a while.