Dear Shareholders, ladies and gentlemen, it gives me great pleasure to welcome you to the 23rd Annual General Meeting of the company and to present to you the Annual and Financial Statements of our company for the Financial Year ended 31st December 2009.
You will recall that at last year’s meeting I said in my prospects for 2009 that the credit crunch and the recession were having a very hard effect on 2009. I also mentioned that our working capital issues had not been resolved as the rights issue proposed to remedy the situation was unlikely to be carried out in 2009 as planned. These indeed turned out to be the case. Sourcing of aluminium ingots was difficult, sales were very slow, financial costs remained high, culminating in the results we are presenting today.
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