Ann: Updated Trading Policy, page-68

I think the Board Spill resolution being upheld will be a tough as not all shareholders will vote and the placement of 37m shares has changed the dynamics somewhat. I think the 2nd strike will get voted down but without the Board Spill Resolution it will get rest back to the start.

Whether Michael Hackett gets back in is also another twist because if a Board Spill he can stand for re-election at the subsequent EGM but if no Board Spill and he gets voted down then a few things can happen, including the placement of Paul Morrell immediately after the AGM but before the end of that day so they meet their ASX announcement of his appointment to the Board. What happens after that I can't fathom but only guess Adrian Rowley will be elected by the surviving Board members as Chairman or Hackett will declare a controlling interest of over 20% and demand a board seat again. If he does this then the regulators will take a dim view to the vote results of the AGM if any of the agitators for change lodge a complaint. But then Hackett could move to put a related party in from his nest of family and friends but that will raise questions as well.

There are so many more holes for them to wriggle through it is an interesting one to study and try and second guess.

My view is the current Board does need to change and any new team will have their initial work cut out for them due to the past and then plenty more work to do to get the company up and running with a positive growth plan. I have seen and heard of VI&HI and agree it is the right approach and in this industry sector there is so much change occurring that opportunities are ripe.

I am sure there are many other retail shareholders that took the path you did and sold out (at a possible loss) and no-one can blame them really as shareholders comms was shut down and the price has followed a slow decline with little metric reporting or deliverables being met. Such a shame.