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Bottomfeeder

You seem to be putting forward the argument against voting for Matthew/Nexif. In the interest of a counter voice I respond to each of your points below .

I also confirm I will vote in favour of his appointment. His appointment may be against the odds. But regardless of the odds one should vote in what they think is the best option.


BOTTOMFEEDER
Matthew/Nexif really need to come clean on what they are after!
DALEG
What isn't he coming clean about. He wants to help improve the power plant performance and value

BOTTOMFEEDER
Note, Matthew at his prior role was interested in buying the reminents of Alinta when it fell over. He has now positioned a 10% shareholding in AEJ. I can understand his desire to roll up his sleeves and get Redbank pumping but Im sure all of us shareholders would want to do that.

DALEG
agreed


BOTTOMFEEDER
The discussions I have had with Matthew would indicate that an equity raising of some form wouldnt be out of teh question. that potentially will dilute existing shareholders substantial if its at current SP level.

DALEG
You don't know an equity raising wont be part of any plan. Present board included. In fact we have no idea if the present board has any kind of plan . In any case a pro rata raising wouldn't dilute anyone if it was offered

BOTTOMFEEDER
Why the urgency from Matthew/Nexif? & why has he tried to split the existing board by isolating the Coastal guy's. They are teh Major shareholder, why would you put them off side?

DALEG
What do you mean urgency he has been in discussion with the board for 18 months and has been frustrated. Coastal may be the largest shareholder , but they only control 17% of the stock, certainly not a controlling interest.

BOTTOMFEEDER
Is there a potential that the board may have alternative options that Nexif doesnt like?

DALEG
Maybe they have a alternative that none of us would like! That's not a reasonable thing to say!

BOTTOMFEEDER
All in all throwing a new head into tyhe discussions with the lenders at this stage (from my experience) is counter productive!

DALEG
Just what is your experience! Surely someone with extensive industry experience would only be an attractive addition as far as a lender is concerned .

BOTTOMFEEDER
At this stage I want the existing board in place with no changes. Once a long term funding arrangement is in place, yep i have no problem with anyone joining the board.

DALEG
You don't even know they can manage any long term funding. We lost the Bank Support Agreement. And that was just after winning the battle with Ausgrid , shows what the bank thinks of our board!

While the board have recommended against the appointment , How do you know they will all vote that way. They can vote their own holdings however they wish.

Anyway that's a counter argument is good spirit. We all want to profit from this stock, its just what is the best way there


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