Ann: Response to ASX Aware Query, page-42

Call me cynical if you like however I think it's highly likely someone raised the covenant breach with the ASX in hopes of causing the price to drop. Coincidentally (or not) there was a pattern of shorts, commencing the day before the date of the please explain letter to AJM, resulting in 1,856,564 gross shorts in the 4 days prior to the announcement according to Shortman data. Considering the response of the company and the apparent lack of interest by the market, I dare say they will be disappointed by the result.

	Date	Gross shorts 1	Issued capital	% Capital shorted 2	Trade volume 3	Shorts as % of volume 4
1	Thu 28th Mar, 2019	551,698	2,125,462,476	0.02%	5,386,504	10.24%
2	Wed 27th Mar, 2019	362,235	2,004,988,861	0.01%	2,931,092	12.36%
3	Tue 26th Mar, 2019	370,646	2,004,988,861	0.01%	2,004,911	18.49%
4	Mon 25th Mar, 2019	571,985	2,004,988,861	0.02%	3,953,771	14.47%
5	Thu 21st Mar, 2019	5,001	1,897,394,469	0.00%	4,303,585	0.12%
6	Wed 20th Mar, 2019	25,692	1,897,394,469	0.00%	10,883,388	0.24%
7	Tue 19th Mar, 2019	5,000	1,897,394,469	0.00%	3,330,274	0.15%
8	Mon 18th Mar, 2019	15,000	1,897,394,469	0.00%	7,140,586	0.21%