Please Explain, page-80

I went to the last AGM. There were perhaps 30 or 40 people there. Naturally, quite a bit of dissatisfaction was expressed from the floor as to the current ALF strategy. Justin spent all his time defending it. He is convinced that the US market is overpriced and nearing the end of its bull run, and nothing sways him.

Geoff Wilson and John Abernethy were there, as directors, but didn't contribute much. One questioner asked GW how many boards he sits on. G replied it was about 6 or 7. The questioner suggested that was too many, to which G agreed. The questioner seemed to be suggesting, a bit cryptically, that perhaps G was overextended and not involved enough in ALF matters.

Making noise at AGMs and roadshows is possibly the only way that shareholders can demonstrate disapproval of a company's approach; also, firing off emails and making phone calls.

If the poor performance continues the next AGM will undoubtedly be very lively indeed.