Ann: Notice of General Meeting/Proxy Form, page-84

The motivation for the company to be listed on the ASX is to give the company credibility in China.

If this was not the case the directors holding most of the shares could announce a takeover for the company at say 6 cents. The asset backing in cash per share is around 21cents. He could then strip out the cash from the company after the takeover which would be significantly more than the cost of the takeover. He would be better off.

The trouble with XPD is that the interests of the XPD directors and local shareholders in Australia are not aligned.

I think it would be a good idea to ask the Australian shareholder association for support to help represent the interests of the Australian shareholders.. They would hopefully hold enough proxy votes to influence a change and make sure everyone’s interests are represented.

Oversite of the corporate covernance of the company needs to improve..The rules are in place to protect all shareholders.