Ann: Non-Renounceable Issue, page-2

BPH shareholders and others interested friends,

I am struggling to understand why I should take up this offer when the current share price is below the offer price of 0.5c. On top of this, it is going to be underwritten by GBA (which David Breeze is Chairman) at a 5% fee calling in the loan from GBA to BPH. This should mean a reduction of operating cash in BPH to fund growth projects, etc. THE BIG WINNER IS DAVID BREEZE AND HIS ASSOCIATES as they will award themselves a big chunk of shares for no cash contribution. Clearly, BPH is in no position to pay the loan today in cash as its cash pool is so tight that director's fees have been accrued for the last few years. Can anyone clarify this if I misunderstood the intention?

There is also a requisition by some shareholders for an EGM to vote out David Breeze and his board and bring in a new board. See the lodgement to ASX. I am glad some shareholders are fighting for fair play. It brings the board to scrutiny and to show their faces at the EGM. As they say, "smoke them out ...". I look forward to hear from these shareholders for their reasons and the board to defend themselves. This is transparency and good governance, important principles which I like the BPH board to convince me they believe in.


Until the EGM outcome is decided, I am not parting with any dollar.