Ann: Chairman's and CEO's Address, page-2

Wow x2

So let me understand this?

You want to put money into your R&D instead of a buy-back. Not even a few million which would solve the issue. I'm no longer talking about 10-15M.

The BOARD believes they'll get a better return? So with the shares less than 90 cents and at some point in the future they'll go up to $1.50/$2 the board believe the CAPex will return 50-100%? That's impressive. I like to see these future products.

It's obvious that the board the board and management have no knowledge and experience in capital management. Not even the basics of share trading supply and demand. There's now a little thing called overhead supply we need to worry about for the next .60 cents -$1.00+.

Even a small 2-3M buy-back that wouldn't even effect a R&D program can't be started?

I was also confused by them saying they can't forecast the next 6-12 months...repeatedly. However, they know ever thing should be ok in the future? The words were concerning.

How dare a chairmen say...Codan is likely to disappoint from time to time. I could think of 20 different ways to say that. Gee, let's invite the new investors with open arms with comments like that.

The jewel of the day was ...
The major shareholder (BTW...please do tell who this is...I like to thank him for screwing the company over for the rest of us.)
" I only ever look at Codan's 5 year period, to do otherwise would not be sensible."

Before I ask the ASX to ask Mr.Simmons to confirm if this was even said...let's look at the last 5 years.

Now he's just trying to be funny...profit has did nothing but go down the last 5 years, as has the past 10 years. Revenue? The same but, worse. So who's this major shareholder give this advice?

At least make it hard for me.

I invested in Codan because I thought the company would rebound. It has.
Where the Board and management is failing is marketing the company to new investors and it's current shareholders. It not only doesn't know how to do capital management...it doesn't even know what it is. Just read there's bio's...this is may mistake and i'm now paying for it.

How does a company grow 40% and improves it's balance sheet and has solid future growth and then goes down 30%...that's on the company...no one else.

I'm sorry for not being sensible.