are the current directors making changes?

It would seem based on the company's last announcement (below) that the board are very serious about cutting costs on all fronts. This also has been happening for several years now and has in fact been proven by the figures.

However it would seem that the negative posters seem to overlook the actual facts.

Don Turvey has stated

“We already have a robust and profitable domestic coal mining business in South Africa that is supplying Eskom."

But once again the negative posters seem to have overlooked this statement by the CEO and why would he make such a statement if it was not true?

Anyway for those of you that have shares if we just put all the negative comments aside for a moment and look at the facts it is my opinion that the board is actively seeking ways to reduce costs, enhance production and streamline this company.


I can assure you that early this year myself and several other shareholders had numerous meetings and conference calls with the board of directors to ensure they were making the necessary changes to this company.

It is my opinion that this direction is still being maintained however the reason for my Unite For Change is to ensure complacency is a thing of the past.


Announcement

Based on the preliminary management accounts, the Company has achieved cost reductions
across all aspects of its corporate activities:

Administration costs, across both the South African and Perth offices,for FY2013 are at the lowest level since 2010. Costs of A$9.5m were incurred during the year. This represents a 54% and 56% reduction on costs of A$20.9m and A$21.8m in FY2012 and FY2011 respectively.

Finance costs for FY2013 were A$11.4m. This represents a 44% reduction on finance costs of
A$20.1m in FY2012. Finance costs in FY2013 were broadly in line with the A$11.1m finance
costs incurred in FY2011.

Marketing and other costs of A$3.0m in FY2013 costs were a 70% and 78% reduction on marketing and other costs of A$10.0m and A$14.0m in FY2012 and FY2011 respectively.

“The Company continues to look at ways that it can optimize its business activities, particularly in the
wake of the current market environment and the impact that the fall in export thermal coal prices
has had on our business.

We have reduced corporate administration costs
for 3 consecutive years, marketing and other costs are at their lowest level in 4 years and finance costs are also at
levels last seen in FY2011.”Continental’s Chief Executive Officer, Don Turvey said.
“
We have delivered these costs reduction over the
past 12 months and during some extremely
volatile market conditions. These initiatives will continue and we hope to be able to deliver further costs reductions
in the coming year. I believe that the cost reductions will ensure the Company is well positioned for the future.”
“We already have a robust and profitable domestic coal mining business in South Africa that is supplying Eskom.

In FY2014,our new Penumbra Coal Mine will be increasing
sales into the export market, and despite export prices
having fallen by over 30% over the past 12 months, its low cost of production and coal hedging program with approx. 25% of sales over the next 6 years locked in at approx.
US$118/t will, with the continuation of these costs reduction initiatives assist the Company in
its transition towards being a profitable and successful coal mining company” Mr Turvey added.

As part of the cost reduction and business optimization initiatives, the Company has over the past
quarter restructured its Perth office. Costs for the
head office have been reduced by approx.70% over FY2013, with a number of the administration and finance functions now managed and administered by the existing finance and administrative personnel in South Africa. As part of this
restructure to the Perth office, DW Corporate were appointed
to manage the Company’s company secretarial function in May 2013 with a number of costs savings achieved.

In addition to the above, the Board of Directors has agreed to an immediate 25% reduction in Non-Executive Directors Fees. Furthermore, it is proposed that subject to Shareholder Approval and other regulatory restrictions,
Directors can elect to receive all or part of their fees
in equity on a quarterly basis based upon the prevailing share price. This will further reduce cash outflows and allow a greater proportion of the Company’s cash reserves to be allocated to the Company’s South African coal
projects.