Gavin Rezos, page-19

Recruiter

Sorry, but I would run a mile. I really don't like much of what went on in this company. I don't like the fat salaries that were paid on the basis of it being an ASX300 company when in my opinion the company was talking itself up on negative margin business. The whole behaviour does not make me feel that there was any steadying hand on the tiller.

GR was chairman and I expect the chair to be the handbrake. I don't think, in my opinion, that there was any handbrake in AJX at all. As someone said "you have to fake it till you make it" well I don't think that it's a valid investment process and I am sad I got sucked in in late 2016 after all the hype had gone yet I still wanted to believe the litany of over-optimistic announcements - the huge gap between actual margins and the stated objective, the confusion between US$ and A$ which they missed whether you used either measure. The fact that the company failed to clear up any of the confusion which it could have done easily. The Pegasus announcement which could have been amplified so that we did not think it was now as opposed to drip drip. The $10 million annual contract with a USA company would imply that its around $13 million Australian if that is the case they are really underperforming at $8 million per half ...

Personally, I have followed D13 and I see a similar style to the announcements - first cash flow positive quarter. Then go to the half year and you realise they still have $600k of expenses to pay so, in my opinion, its fluff. Please note GR is not a director at D13 but has been a vocal spokesperson for it.

However, I don't think you will find GR on the boards - you will have to look to shareholders to see his influence.

Personally, I am surprised that ASIC and the ASX haven't looked at the quality of reporting from AJX over the years... However, I do note that the ASX jumped all over D13 for an early release from escrow.

To date, AJX has racked up $63 million losses and D13 $15 million. However, it would be interesting to see who made money in the race to a $1.00 and how many people lost money.

I don't always make money yet I far prefer the Admedus that have had a few setbacks and a few wins and plod along yet I still hold there as the trust has not been broken. Yes, I lost faith in some that were there but they got moved on...