Dear the directors of ENM Holdings Limited (ENM),

We note that the Mr. Ted Lee, one of the independent non-executive directors (INED) of ENM, has just resigned from ENM with immediate effect.

The resignation of one INED alone will not cure the multitude of ailments that currently plague ENM, which we have already identified in our first letter: an underperforming portfolio of legacy assets that have no synergies with one another, the high cost of maintaining a listed company that has no good reason to remain listed, as well as the large difference between the share price and the net asset value. The board has yet to address these issues.

To help rectify these issues, I volunteer that a member of the ASM team shall be appointed as a director of ENM. Again, the ASM team has a long track record of liquidating listed companies, shutting down businesses and returning capital to shareholders. As a shareholder of ENM, ASM is fully aligned in our interest with all the other shareholders in maximizing and unlocking value.

Yours sincerely,
Kin Chan
Chief Investment Officer
Argyle Street Management