Ann: Net Tangible Asset Backing February 2024 with commentary, page-5

Thanks Indy,

Seems to be a big widely held negative sentient towards Alex with the view that his activities being solely to squeeze shareholders.

So, he generates $1.6m pa as management fee, of which he which he wears 25% himself as a TEK owner, so $1.2m net.

As a billionaire, I am sure he has plenty of other sources of income and as an Investment Manager, seems to spend plenty of time and energy investing for the fund. He has unwound the Updater bundle to be now only around 2% of the fund and undoubtedly that has been a disaster. The largest investments both listed and unlisted look quite interesting and sentiment for micro caps has turned positive in the last few months. He obviously spends plenty of time analysing the market and investing for the fund. I would cut him some slack.

The market has been against him and he has invested in some duds, but that's the micro market.

He has supported the SP with both his own purchases and via the buyback scheme. The 12 month extension of the scheme will put a floor under the SP and if the 18.8m authorised are bought back and cancelled, this will increase the nav per share by 0.64c. This is due to the discount and the shares being cancelled at NAV. I assumed the shares are bought back at 16c.

Anyway, that's more than enough trumpet blowing by me on Alec's behalf. Am not a groupie by any means, I just think we should look at both sides of the coin.

GL

Wazz