General Comments, page-91

I think like you I have a morbid fascination with the prospects of the company. It's interesting to watch unfold. From watching the blind optimism of the perma bulls who are quite content to watch their investment whittle away, targeting focus on dissenters or irrelevant aspects like T20 lists, blaming anyone and anything except ever holding the company to account. To watching the management who are able to raise millions of dollars without ever really having to produce any success. How can you be so good at raising cash, but so bad at selling product?

I've learned a lot over time. I'm amazed at how little the ASX really holds companies to account on their announcements. It seems statements and claims can be made with little checking up on. That being said when made aware the ASX have required a response from Norwood, and forced some honest market updates on the state of various deals. The recent announcement with the $50-100k per week revenue guidance was dead in the water two weeks after it was announced but took Norwood six weeks to issue the update that it was withdrawing all earnings guidance. Disturbingly a placement happened in this window. But it has to be said, anyone following the company understands how they work so it's hard to feel too much sympathy, they would know the tiger doesn't change its stripes.

We're now another month on since the last placement, another due in the next week or two. $200k only lasts about a month. The only real question is why? Why does ASPEC and 7Sundays keep putting money in to Norwood. A cleverly placed $200k would recoup their losses (should Norwood fold) in a number of other opportunities on the ASX right now.

I'm so very grateful not to be invested here, a million shares or more and you're pretty much trapped. Maybe one person at that level can get out, but two or three at that level, or someone with 5m, and you're pretty much committed to see this out.

All my opinion.