Ann: Notice of General Meeting/Proxy Form, page-82

Pretty much all the smart money for the last three or four years has been buying a dud. All those countless sophisticated investors that have lost a motza on this company and done most of their dough.

But someone new buys in and they are now the brilliant insightful ones?

The smart money sold at 5c, 4c, 3c and 2c. Those topping up and buying in through that time are the opposite of whatever the smart money is.

Not only has Norwood gone backwards, losing 95% of its value from its highs in 2015, the broader market has risen 25% in that time.

Unless your average is somewhere under 1c with the billions of shares and options on issue you'll likely never be in the green.