Ann: Fluence Successfully Raises $36.0 Million to Underpin Growth, page-27

I hope this is not taken negatively but the CR process is not fair to foreign retail shareholders like me. We don't have access to the placement agents, and our addresses are foreign. That disqualifies us for the SPP and the placement.

A more equitable process would be to conduct a rights issue so that we receive our entitlements and choose whether to participate or not. Over the course of two CR's , foreign retailers like me have been diluted by 20% if we had not taken remedial actions like standing in to buy at or below the placement price. But we should not be forced to take remedial action because the process is unequitable.

We shouldn't blame the ML's for selling out because if they are foreigners and share the same circumstances as I do, this would have been enough of a reason to force their exit. That has in turn depressed the share price as we have seen.

The next question is , will there be another CR? Will we suffer another 12% dilution? I support the company and I have the conviction to stay in. But if the company wants more foreign shareholders in the future, it will do well to be more equitable in the CR process.