Ann: Change in substantial holding, page-18

Hi Jcw007,

They have received close to 20 millions shares each, I don't think they have sold any share after the acquisition as they are substantial holders holding more than 5% , so any trading activity they will need to notify the market, plus they are still current employees so they need to obey the company shares trading policy, there are certain timeframes they cannot trade shares before the release of financial results include this upcoming 4C.

The share price has been falling on low volumes, it was actually good sign. The price action has been spectacular over the past 6 months, so we would expect lots of people taking some profits along the way, but as long as the business is sound and heading into the right direction, I wouldn't worry about the short term SP fluctuations too much.

In regards of the upcoming 4C, the timing to release 4C is very interesting to me, as I have previously stated that the upcoming Q1 FY20 4C is unlikely to be cashflow positive in terms of operations given the rising cost of marketing and re branding. But overall, the company might still be able to achieve a neutral or a minimal negative cash flow given the payment $700k of exercised 10 millions options by BL. This is my interpretation: The company is basically releasing a bad/neutral news before the good one as a strategic move, rather than releasing good one then bad one, the latter could easily kill the market momentum. Again, this is all my personal opinions, I hope you guys always do your own diligence before making the decision.