conversion or default, page-36

Sainters description of the previous Board where he describes Ashok Parek as a Kalgoorlie publican is a bit strange. Ashok is an astute businessman and accountant, well known in the Kalgoorlie area and Chairman of McPhersons Resources. There is no way that as Chairman, he would have allowed the company to get into this dire financial situation and spend excessively with no planning, disregarding auditor reports, possibly misleading the ASX into the company's financial position and not putting money aside for the notes. I think he was given some award for his accounting....it would be on the McPhersons website. I am sure that Sainters would have to agree with me on this point that Ashok would never have allowed this to happen

The only thing that I can say about the previous Board was that they should not have joined forces with Octaganol where A1 acquired a derelict plant, dud mines and the worst thing of all was of course Ian Gandel and Anthony Grey.