The July 4C, page-2

Hi Rebel,

To be honest, I’ve moved on from looking at 4C’s in this way as it is clear the deal with P&G is an absolute stinker with no light at the end of the tunnel.

If the same board who did the deal were still
involved I’d be out. Glyn’s actions were borderline illegal (selling on the high privy to the fact P&G were trialling our tech but leading market to believe otherwise) in my opinion upon reflection and I reckon our secretary (and new board) knows this and their approach now is far more tightly managed.

Historical negatives aside, the past six months has become clearer what Steve and co are doing.

Sure, the next couple of 4C’s will help determine funding options to support and drive these new growth initiatives, but in all honesty, this view focuses on the trees and not the forest.

Hang tight.