Ann: Notice of Meeting - Placement to Raise $15m, page-261

Hmm... previously CRs have been proceeded by a few MOU announcements and maybe some tech announcements to demonstrate progress and build confidence. This one has none of that. No announcement about partners on the IoT/M2M network other that the vague statement of support back when the revised prospectus was issued. No technical developments at all that I can remember since the deployment system certification which was for Pearls, I believe.

So I'm left wondering on what basis is this issue being sold? It would be something that is only discussed behind closed doors like control of the company. It has to be behind closed doors because there is no hint of any public discussion whatsoever. So if there is a discussion underway then behind the doors is the only place it can exist.

What discussion caused them to completely change plans from Pearls to IoT? Surely that party must be part of current discussions because whoever it was convinced SAS to do a 90 degree pivot right in the middle of a "do not touch" period, destroying any momentum the company had, would be involved now when it's time to go on the new plan. But the $15m issue to the SI market is troubling. Why go to them when the IoT party is sitting there? If the IoT is gone (they must have existed or else the second prospectus makes no sense - I would have been far superior to continue with Pearls pipe dream) then how will SI's ever sign on to this? Perhaps, as it seemed at the time, the Pearls were recognised as unsupportable so it was a desperate switch to IoT to find a lifeline. No IoT partner in sight, just blind desperation, which is how it felt when the announcements came out and the independent board members quit.

It is a mystery at the moment which unfortunately is pointing toward one outcome: utter collapse. I think the AGM will be a final meeting. All done. Dusted. Finished. And all via video conference, too, I would bet.