Well I attended the BAU AGM earlier today and noted the...

Well I attended the BAU AGM earlier today and noted the following:

There were about 20-25 shareholders/non BAU people present.

The shareholders appeared to be in support of the current board - there was no obvious ill feeling expressed - this was a pleasant surprise as I expected to see a number of disgruntled shareholders (given the current share price and past Bindoon fiasco), if they were there they held their tongues.

The two Chinese Directors were not present and were represented by 2 other Chinese attendees. There were some quite discussions amongst the Chinese as the meeting progressed.

All resolutions passed, but one curious observation was that the Scott Donaldson re-election when Barry Carbon asked for speakers for and against there was a little anxious discussion between the Chinese attendees as if they wanted to say something but missed the opportunity. When it came to voting nobody present voted against his re-election.

There were no official questions or queries regarding anything.

The various Directors spoke freely with the crowd (before and after the meeting) and they seemed reasonably open.

I spoke with some Directors as well as some major shareholders and all seemed OK with the current position. Disappointed with the share price but not trying to lynch anybody.

Overall I was surprised by the apparent support at the AGM (or perhaps no major discontent) and somewhat encouraged by that.

I still have some reservations about the viability of the proposed refinery but it would appear as if the current resource is a fraction of the expected resource and everybody I spoke with was confident of BAU’s future.



Newbie Thomas