three reasons to vote no at the arl meeting

1. Expenses are ridiculous. Over $6m was spent in ARL’s first 11 months, although the accounts show $4.3m of this as “mortgage loan advances and property outgoings”, pretending this was not an expense. Some of these ‘holding costs’ were then written down. The accounts are misleading.

2. Asset values are overstated. The accounts themselves admit this, they have already ‘updated’ the Kooralbyn valuation down from the year end ‘value’! Again, the accounts are misleading.

3. The Board has achieved nothing for shareholders, while paying themselves $435,915. In the past year shareholders have received no dividends, the company has no more cash now than at the beginning, but most of the ‘easy’ assets have been sold. Tony Pope, the board member up for re-election has not achieved anything for shareholders.