16 October 2009 Dear Shareholder, Please find accompanying this letter your notice of the 2009 Annual General Meeting for Solco. The financial year 2008/09 was a significant year of achievement for Solco and your attendance at the meeting is encouraged. From a personal perspective, and in accordance with regulatory requirements concerning the rotational retirement of directors, I am required to retire from office, with the opportunity to stand for re-election. I have chosen not to stand for re-election, and it is proposed that David Richardson will assume the Chairmanship of Solco, with continuing support from Ian Campbell (non-executive) and Mark Norman (CEO). Over the last 2 to 3 years I have been proud to be part of an able Board which has led Solco to a record profit and the payment of a maiden dividend for the year ending 30 June 2009. In 2006/2007 Solco had major unresolved issues and risks, many of which could have been terminal for Solco’s future. David Richardson’s financial and personal commitment to the cause over this period was significant. My own professional experience and skills lent themselves well to assisting in dealing with Solco’s corporate stress and turnaround. As at 2009/2010, Solco now presents as a sound and profitable corporate business, underpinned by principled corporate governance, and ready to move on to its next stage of strategic evolution. Other corporate roles in which I am currently, and in the future will be, engaged are scheduled to take a considerable part of my time over the next year or two, leaving me short of time to properly apply myself in the Chairman’s role in furtherance of Solco’s affairs. David Richardson, Solco’s major shareholder, has agreed to succeed me as Chairman of Solco, and take a more active and engaged role in defining and delivering Solco’s future. I thank you for the opportunity to have served Solco, and as a continuing shareholder, I share your hopes for the future of Solco to be a prosperous one. Yours sincerely, Steven Cole Chairman SOLCO LTD ABN 27
GOE Price at posting:
14.0¢ Sentiment: Buy Disclosure: Held
