Ann: Results of Annual General Meeting held 15 August 2014, page-2

Have you ever been to an AGM where no directors turned up? I just did this morning. There were only three shareholders and two auditors there and two of the shareholders were employees so I found myself the only outside shareholder there. In fairness to the local director Ian Burton, he has never missed a meeting before and some private issue made him miss today's meeting unexpectedly.

It was chaired by the secretary David McArthur . He said that Loretta was very happy with the US production and was planning to increase it. They are also considering making linen products in the USA as well and are being strongly encouraged to do so by retailers. The response to the US boots production from the major USA retailers has been very positive and the costs of production are working out not much more than those in China.

David also said that the cotton price was down considerably on last year and they expected profits to go back to where they were in 2013.

We discussed the revaluing of the China property again and nothing has happened so far. Loretta is reluctant to revalue something that is not up for sale but she is apparently still thinking about it.

GPASAS