email from andrew motimer, page-4

TU from me great work mickyj777.
sounded like a standard lawyer reply to me too.

blame some one else,
The 52 week low share price in GNI is attributable to the goings-on in Libya and Japan and I am not sure at what point this will abate.

We where in the doldrums well before this.

i still want some answer on the comments by the accountants

Basis for Qualified Conclusion
Payments made to Directors
During our 30 June 2010 audit, it was brought to our attention that the Directors had prepaid directors? fees totalling
$403,340 of which $357,452 directly related to additional cash payments. As at 31 December 2010, the balance of
this prepayment is $275,402 and it comprises of amounts detailed in Note 6. This amount is currently recorded in
Other Assets.
The details surrounding these payments are disclosed in Note 6 of the financial report and cover directors fees paid
in advance, amounts paid to enable the Directors to take up their entitlement in the non-renounceable pro rata offer
of partly paid shares pursuant to the prospectus dated 23 April 2010 and overpayment of directors fees due to the
Company not withholding and remitting PAYG withholding tax. It appears that in all three circumstances, that the
Directors have obtained a benefit from the Company.
Section 11.6 of the Constitution of the Company requires that remuneration of the Directors should be approved by
shareholders. There is no evidence of such approval being obtained by the Company. We remain unable to
determine whether such approval was required for the payments to Directors referred to above.
Section 208 of the Corporations Act 2001 (?the Act?) requires a public company to obtain approval of the company?s
shareholders to give a financial benefit to a related party of the public company in this case being the Directors.
Section 211 of the Act indicates that shareholder approval is not needed to give a financial benefit if the benefit is
remuneration to a related party as an officer of the Company and would be reasonable given the circumstances of
the Company and the related party?s circumstances. We remain unable to determine whether the payments are
reasonable and if approval was required, there is no evidence of such approval being obtained by the Company.

This is serious. ask him about this Mickyj