Ann: Half Yearly Report and Accounts, page-14

"The full blame for the 12 million TBR shares being given away below their value lies completely at the feet of Australia's takeover panel for not providing proper protection to TBR shareholders in the orders they made."

My view is that the reason TBR and RND existed was so that the board could use company funds to accumulate cross holdings and therefore exert total control over the funds generated by the EKJV.......What other reason for the separate entities could there be? The Corporations Act is specifically drafted to stop this happening. ASIC have a remit to monitor hundreds of companies, the boards of companies are paid specifically to look after the interests of one. The board knew that they should not have held the cross-holdings but chose NOT to comply with the regulations. THEY WERE IN CONTRAVENTION OF THE LAW.

When the company was finally forced to address the contravention they were given months to act in the best interests of the company to ensure that any impact on the company finances was minimised..........The ONLY thing they chose to do in the full view of the market was to buy a joke of an asset in the Philippines........NOTHING ELSE!!!........Billis conducted a media interview after the EVN sale stating how poor the NST offer was. The EVN sale price was LOWER..........

The board created the situation and they failed to react on any level to address the situation..........They alone are totally to blame.....I hope they are dealt with by EVN.