Ann: Chairman's Address - AGM, page-36

I do have an idea as the losses are potentially useful as are the share register and it relates to a scrip only merger with AHF to create a window of opportunity in AHF but it would end up being about a 7:1 and not sure many PDF shareholders will like that one.

Not much else of appeal as the farms around Finley and Deniliquin don't appeal nor do any of the current Directors of PDF and Fiji just isn't on the AHF radar.

Any outstanding convertible loans or lending can be converted to PDF shares beforehand.

Not very appealing for PDF shareholders I know but then their Directors haven't left much in it for any buyer.

It roughly means PDF shareholders get 19.3% of adjusted AHF issued capital and AHF gets $20m worth of tax losses. For those that follow AHF there is something else that this achieves and that is dilution of current holders in AHF but I shall let you figure that one out.