Ann: AGM Chairman's Address and MD & CEO's Presentation, page-7

The issue is, words are cheap.

Submissions to attempt to recover interest have been months in the making. There is also zero chance that they get any interest. The judgment was abundantly clear.

Resumption of dividends is good. Critical even. But it is now caveated by ‘if we get substantial cash’. If they are relying on the mesh interest for that, then there will be no dividend.

Their confidence in achieving greater cash generation is wonderful, but as I said, words are cheap. They have missed many targets before.

Worryingly, there is no mention of the balance of the mesh costs which should be due, and sizeable. Around $20m. I have concerns that it will be no where near that amount.

I completely agree that management will need to deliver on what they have said to regain investor trust. The two month run into 31 December is critical. The last thing investors want to see in the half year is more excuses for delayed cash generation.