proxy fight has started, page-6

Delag,

Yes you can balance the arguemnt and I am happy to listen.

What Im saying is dont discount what the current board has done.

1. They were incredibly wise to bring the annual shut down forward into the first half. Why, becuase it actually reduced the impact of the Carbon Tax liability while they tried to fight Ausgrid.

2. The half year accounts do not reflect the full year impact of the Arbitration. I suspect that the Debt will be reduced significantly. remember in the half year accounts just over $3.4m was paid back against the debts. the rest would be paid back once the arbitration was finalised.

Im sure the board is happy to improve the performance of the operation, but Matthew wants to understand the Purchase agreement and enter the discusions on the financing.

My view, engage him in on the operaional improvements based on a performance fee, if he succeeds then he's paid out of teh improvements.