Ann: Chairman's and CEO's Address, page-4

A perfect storm...

I've had a chance to sleep on it and this is where we are.

-A chairman and CEO who've said that the company will disappoint...so no new buyers of the stock for 6-12 months from funds or investors. Traders? forget it.

-No plan to buy back stock or buy another company to grow the sales or earnings.

-A HOPE that the CAPex in R&D pays off long term but, the industries we've made this investment in are too risk to say if we'll get a return...but we hope.

This means every current investor is looking to sell at every level above current price if the stock does rise. Incredible overhead supply.

-No effort to talk about or let the market know what the company is doing...(no ASX releases for 4+ months when there WAS company news)

-Their 5 and 10 year sales and earnings records are flat to down.
-The Codan stock price over 1 year, 5 years, 10 years is...well down.

THE GOOD NEWS?...Every 2 weeks the board and management get paid their salaries. On ya!

In over 25 years I've never seen a management act like this after performing so bad on the share price.

Someone have a go at me...tell me I'm wrong and where I'm mistaken. Please.