Ann: Pre-Quotation Disclosure, page-9

I think you may find the reason for a constrained share price is the slower rate of revenue growth from 2018-2019 (estimated), compared to what was achieved in 2017-2018.

The increase in revenue from 2017-2018 (estimated) was 53 %

The (estimated) increase in revenue from 2018-2019 is expected to be just 18 %

Although revenue is improving, I think the market expected more, and probably see it fairly valued at about 45c for the 2019FY, and I expect they are correct.

I know PGX would like to see it pushed beyond 52c for 10 trading days, because that would allow the founding shareholders to release from early escrow (and potentially sell) 40 million of their shares. I think a lot of people are waiting for this to happen, and I don't see much appreciation above this price for a significant period of time once these escrowed shares are released. And these are only half the founders escrowed shares.

Gw