Ann: Bonus Options Offer Prospectus and Appendix 3B, page-71

Honestly, I don't trust Athan and I actually don't trust the founders (but would like to trust them as they are our BOD). This is due to my concerns around governance, particularly wrt lack of independent director /chairman and who heads up remuneration committee, and of course past decisions made/ resolutions put forward, not all of which were passed by shareholders. As do wonder whether salary increases certain BOD received explains why in particular founders support Athan.....for example wonder with sudden salary increases in moving from RYG and XPE (for example Chris Wood gets demoted from CEO to CTO but gets a pay increase along with Athan as move from RYG to XPE...never quite worked that out given generated no revenue to date outside of what came with acquisitions that spend more than they earn!, how can one justify salary increases?). Hence I do wonder if message from Athan to founders was something like hey I will increase yours (and mine) salary at shareholders expense so we make lots of good coin over next few years, so hey if don't succeed with our aggressive growth strategy we ensure we get good salaries and good returns at shareholders expense. And with founders biggest shareholders and supporting Athan, Athan perhaps gets there support for passing most of the resolutions they put forward. Just wondering......not of course saying this is what transpired but from my limited viewpoint on what I see with governance issues it does allow perceptions that this could happen. As also note First Growth Funds outside of Athan also has Julie, XPE's Company Secretary and also Michael Clarke (ex XPE?...at least I think, as not sure if still on payroll and if so what actually being paid for per previous mentions of his company being paid $150k p.a, need to get this confirmed as would be a concern if still on the payroll at this point for me). A little bit too tight crew for my liking with my governance concerns.

I still want Corporate Governance and Board cleaned up as like the tech but would rather have Independent Chairman at the minimum to regain my trust. If Independent Chairman believes Athan best CEO for job at this point I equally would then accept that.

I think good punt at these levels but it would make it a much better punt if Governance issues were sorted out imo which is why we are down here and not just due to Con Note. I can't call it good investment until such time it delivers substantive revenue that at least covers or goes close to covering expenses (re: cash flow positive) AND Governance issues sorted out as want to ensure with 100% clarity that shareholder and Board of Directors interests are aligned.

So no won't press the sell button down at these levels as I think all of the above is well and truly price in, but equally would like to see above issues addressed as that imo would help enormously with sentiment and investor/punter confidence in this stock.

I hope Athan and founders still read this thread and this post as until they take the governance concerns of shareholders seriously (I have not seen them ever acknowledge this), I still think this will hold the stock back regardless of further good revenue /deal announcements at this point. Sadly, this is also the problem of being a spec with the biggest major shareholders being the founders who are also on the Board, where as if we had a major insto on this stock they could force change. But chicken and egg, as doubt major insto imo would want to come on board until Governance issues sorted out.





I still support Growler and cleaning up Corporate Governance for this stock