Price predictions, page-338

My email to Nicholas this morning after frustration at yesterday dropping 10% on small volumes again:

Hi Nicholas,

This lack of communication is now getting a bit old. Last communication to the market on the AGM was that it was going to be the 18th of August - with no update yet. The Capital Raising has been very strange - why did the business need to raise $2m for working capital? What purpose does it serve? What is happening with the business that it needs it over and above the $40m in cash already in the bank account? Why did it make sense to raise capital rather than debt, given the business has no debt and could have raised it if needed? Why were the investors not asked to buy on-market if they wanted to own stock?

I do not see how this decision was in the best interest of all shareholders - which is your fiduciary duty as a director - and there has been no commentary to support it. Are they strategic investors? Is this a win and you haven't told the market?

It feels like we have a great business, with a big underlying cash generating engine, but there is no shareholder support or analyst uptake, partly due to the mishandling of corporate communications. We will now be having our 2nd AGM postponement, the AGM having moved from Australia to China. We have also misstated quarterly cash flows (which is surprising, and again with little to no explanation) and had this strange capital raising.

As you can tell I am extremely frustrated. I bought in soon after IPO and supported the price all the way down to $0.08 and back up to $0.165. I am not a massive shareholder but this is the biggest holding in my portfolio.

We need some more attention paid to the retail shareholders that you are paid to represent. Please point some more focus at us, sort out the communications and update the market on an AGM.

Hoping to hear from you soon, either via email or on-market announcements.

Cheers,

Ben