Ann: Appendix 4C Commentary, page-361

"Adrian will vote for Michael and Michael will vote for Adrian" arguably gets Adrian elected /re-elected (if up for polling) but it doesn't get Michael elected /re-elected. Regardless, Michael is up for re-election to the Board at the AGM irrespective of whether there is any spill beforehand, 2nd strike, etc. Indeed, if a 2nd strike occurs, it will render virtually moot any ability for Michael to either be re-elected (as a retiring director) or elected back onto the board (in a spill). Either way, Michael's position is quite fragile, to say the least, with <5 months to go before the AGM actually has to be held. Measured in amongst all this, it could be said that Adrian's position is actually the stronger of the two (ie: he commands far less direct votes than does Michael). So, if Michael did not then support Adrian, then likely both would end up bludgeoning the other.

As for Bell Potter, it is doubtful that anyone who bought in the shortfall @25c will likely be supporting Michael @10c (or indeed, BP's recommendation of support, if such support still exists - it doesn't --> after all, look at last year's EGM approvals for placements etc none of which have since come to fruition meaning usually that the supporting /house broker (formerly, BP) is no longer as supportive as it used to be.

Regardless then of any strategic direction announcement, none of the other announcements of the last 9 months have come to fruition:
* Lian Hi = outstanding. Flatlined.
* New property acquisition = immaterial, yet can't even get this up. Proof of this = no issue of the shares component to date.
* Lancia distribution arrangements = Either stalled or flatlined.
* Last year's strategy announcements = deserted to barren.
* Milk supply estimates = flatlined, mis-informed or otherwise diverted and not being correctly counted.
* CDC = performing but to what end? Mis-management, abuse of management or distorted realities.
* Farms = there has been a writedown in values in all previous reporting periods so why not yet more writedowns this time round. This after all would then demonstrate how they bought high at times when prices were low, or alternatively, as to how they have fudged the reporting /valuation arrangements.
* Incentives for directors = abysmal failure. To get to the 30/6 trigger price, the SP has to jump by 13c or >130%, just in order to get them some.
* Provenance = nothing much to see here as despite this being a useful distinction, it is not being properly managed.
* China = who know what, when or how.
* More management fees for TAU = you bet there will be, all seemingly approved by the Board (presumably by Adrian and Peter given that Michael cannot self approve - or can he?).

With TAU at the helm, how do you get to a 20ML vertically integrated, milking company, with $ in the bank and on the board?

Answer:
You start first with a 50ML milking company which is profitable, effectively functioning, with a point of difference, and generating good cash, and then you let these people in to run it.