Ann: Managing Director Succession, page-5

Yes I live in Adelaide and certainly will be attending the AGM along with a number of other concerned shareholders.

Given your significant holdings, have you made contact with the institutional holders to discuss your concerns, considering that many likely paid $6.00-$7.00 a share, I suspect they would be livid with the current state of affairs.

I put it to shareholders that the Chairmans position is now untenable in view of the present business condition and events surrounding the MD’s recent resignation.

Remaining on that subject, at the AGM it needs to be revealed whether the MD was pushed or genuinely resigned, if the former, (which I expect it was), the termination payment (in addition to entitlements) should be 4 weeks according to the Korvest workplace agreement. Anything more is simply abusing shareholder funds.

Take a seat, amongst the drivel contained in the MD’s resignation announcement he makes reference to the ‘Factory being ready for renewal again’, yet they have completely exhausted cash reserves in favour of dividend payments. Interesting that major beneficiaries of these dividend payments are indeed Korvest Executives who’s shares are paid down from dividend payments. Just a curious thought. . .

The letter goes on to say that the business is now in a number one market position as compared to second or third prior to him joining the company. He also continues to sprout about being the first to achieve a certain certification, which was actually achieved a decade before he joined the organisation. Thank goodness this chapter of embarrassment is drawing to a close.

See you at the AGM.