agm, page-4

hear hear. tiring indeed. try holding BOS for years rather than months. I would like to know how Peter Steinberg feels at the moment. His company is about to be sold from under him after ten years work. At least he was getting a salary. Other shareholders have just been getting poorer.

With the AGM on 18/12/09 we should be getting formal voting papers during this week. I would expect some analysis of RGM to accompany this.

It is also the last chance for another person to nominate for director, and probably last chance for a take-over by significant current holders before dilution to Empire.

Whether we go with CBTE deal or RGM our shares seem to end up having about 0.016 asset backing. CBTE is more certain as we can sell CBTE shares on market. RGM valuation of $35m, well, how real is that? Independent valuation by a well-known, credible third party would be welcome. A valuation by Empire for example would be less welcome.