retreating, page-8

alonso,

Bigger turn out this year than last, I counted 5 staff, 3 auditors from KPMG (they were pointed by the chairman), couple of analysts (just a guess), and about 6 shareholders (I saw the list and I filled in line 6).

Regarding the question about 09 guidance. This was re-affirmed by the chairman and Rod Smith and both feel comfortable with it.

They mentioned that the Marc acquisition had proceeded better than expected and their order book for 09 is huge. I think the 09 guidance confirmation is based partly on this business doing well.

One shareholder asked questions about the PSI transaction and they were answered with a straight bat, "we have no reason to believe that the transaction would not go through, the company buying the technology want to use it on a world class resource". They didn't say who it was, nor what metal it was going to be used on or where in the world it will be used, they just said that the company does not intend to develop the technology for others to use, its just to be used on their project. Which in itself is quite strange.

A question was raised regarding what they will be doing with the cash from the PSI transaction whether a special divi may be on the cards and the MD replied with "the board will decide when the transaction is made". Don't hold your breath on a divi though, they've mentioned before they would like to retire debt and the poor reception on the full-year divi re-investment plan wouldn't have helped.

I do have an issue from the AGM though.
In the latest Chairmans address on the ASX this line has been quoted: "The purchaser who will use the technology in a specific project has experienced some difficulties with financing the acquisition"

....well, this was NOT said in the meeting and if you look at the announcment dated 15.10.08 (yesterday), "Settlement, which is not subject to finance, has been deferred, at the purchaser's request, until 30 October 2008", is a complete contradiction to today's announcement, that alone should be questioned.

I am going to write to Ammtec for clarification and I think other shareholders should do the same. I attended this meeting with a friend and I have confirmed with him that this was not said.

Here is the address to write to: [email protected]

I hope this info helps.
P