today's agm, page-3

G'day dreamcatcher

Millner himself didn't comment on the ASA's statement about his myriad board positions: he just sat there looking displeased. However, David Myles did support Millner by saying that the shareholders are fortunate to have such an experienced chairman in the job.

Thanks for your calculations. CHO is certainly looking like good value at the moment.

The ASA made another interesting comment regarding MLT's many small investments, saying that the extra effort that goes into researching and managing these holdings is unnecessarily great, given that (owing to their size) they are likely to have no significant impact on MLT's bottom line. Millner responded by saying that this is the way MLT runs things, and that when shares underperform, we sells them. I think the ASA made a fair point, though I don't think there's any harm in diversifying with many smaller investments, provided that the directors are willing to put in the time to do the analysis.