Ann: Non-Renounceable Issue, page-5

Hi all,

As I mention BPH in my post on the MMR thread I thought it only polite to post on this thread as well, please feel free to ignore it if you are currently happy with the stewardship and the constant increase of shareholder value by your management team.

Hi Staunch and all,

Back in 1989 I founded my own private company manufacturing mining equipment using my own very small amount of capital; I had no rich uncle or group of shareholders to call on for help if I ever messed up. So I just had to make sure I succeeded in business and minimised or fixed up quickly any mistakes I made.

I may be somewhat old fashioned but the only way I know how to run a business is to make a profit, pay my bills / tax on time and build a good name and reputation, if a few more listed company people were of a similar mind perhaps Australia could remain in the first world.

Directors of these listed companies set their own goals and when they don’t achieve them they call on their shareholders to support them by tipping in more money. After one or two times I believe this sets up a system of moral hazard the director knows or believes that his shareholders have his back and then he knows he doesn’t need to even try so hard in the future.

The number of times DB has called on his shareholders for more money to cover his fees has clearly emboldened him to a point where he can request $1.8 million from BPH shareholders without even disclosing what he intends to use the money on; something I feel is sheer arrogance.

Unfortunately there are only ever a small number of shareholders that question these directors and many others feel they are protected from wrong doing by the regulators of ASIC and ASX when nothing is further than the truth. There will always be gullible investors many with very short memories and this is what people like DB feed on.

Just think yourself fortunate to have a questioning mind and can see people for what they are.

Cheers and very best regards: Andy