Ann: CLH - 2018 AGM - Letter to Shareholders, page-50

I had the opportunity last week to have a quick chat to Mr Rade Dudurovic prior to the Advance Nanotek AGM.

I will be upfront and state that I have known Rade for approximately five years. I am a supporter of the way he operates. You could call him a bit of a smooth operator; he gets things done in a very effective and efficient way. He is not the sort of bloke who is going to let you down.

I flatly asked him what his plans were to turn this company around. He handed me a business card for Prema Capital. He is a Director of that company, which holds a financial license AFSL 247184 and operates out of Hong Kong. He believes that through his connections, CLH will be able to access cheap capital out of Asia. He would like to bring to an end the days of CLH entering into complex and expensive financing arrangements that put the risk ultimately back with shareholders. He is of the opinion that Asian lenders would be willing to borrow at excellent terms. He believes he can save the company millions.

He was strongly of the view that the software needs an urgent review to ensure that operators are using the best available tools to perform their tasks.

He is also of the belief that there is a lot of unnecessary expenditure that could be trimmed, the extremely high audit fees being charged was one example. He shook his head when he discussed the unnecessary expense of having the AGM in three very expensive venues.  It was a quick chat, he certainly has some ideas! I am sure there is more!