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28th April 2004
CHAIRMAN’S ADDRESS
EGM held on Wednesday 28 April 2004 at 11 a.m. to approve Share Buy-Back
As you know participation in the Buy-back is voluntary, and will not proceed if shareholders
do not approve the Buy-back resolution at today’s meeting.
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The Buy-back is also conditional on Lemarne receiving a ruling from the Australian Tax Office
in relation to the Buy-back in a form acceptable to the Board.
At present we are in discussions with the ATO and are hoping to have a ruling shortly.
In the Explanatory Notes which accompanied the Notice of Meeting, we stated that “all of
your Directors intend to participate in the Buy-back for all shares individually held by them
beneficially”. Due to the uncertainty surrounding the private tax ruling and as
participation in the Buy-back is voluntary for all other shareholders, some of your Directors
wish to reserve their participation in the buy-back offer until they know the details of the
private tax ruling. Nevertheless all your Directors are in favour of the Buyback resolution
and will be voting accordingly.
Brian Noxon
Chairman
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