Ann: Revised Terms on Corporate Transaction with ERM Power, page-12

Surandy I have an investment in a profitable company listed and they pay 10% and are happy to do so. Why if we are so supportive dont we fund it.

Its easy to criticize but really the board could theoretically go and arrange outside finance. Guess what no-one wants to take that offer so the extra 8% - If you vote it down then ERM has the right to take their bat and ball and go elsewhere.

You cannot have it all ways - Some would think that this is centrelink and we are entitled to increasing and ongoing loans from ERM.

No-one will ever be happy but commercially no-one is running to make the company a counter offer.

I will vote no because I dont want ERM involved in this - I dont think it is in their interests - I think that they are getting more and more sucked in.