Mark F presentation 2nd June on Webex event, page-31

It’s ok to disagree with my comments and if you have faith in management that’s your call but there’s absolutely no doubting that the market have little confidence in management. This is actually a text book case of lost confidence from the market.

Please refer to what the share price has done after not getting half of the 90k guidance. This was pre covid. Who’s accountable for that?

When that was missed the share price tanked very quickly right down to NTA even though you could make a case that the SaaS part of the business would be worth the present market cap.

Who would have thought it would get that low - I certainly didn’t. There are not many non LIC companies trading below or near NTA so MWR is in poor company - or was until the SP was manipulated into the CR to avoid more dilution - a positive move for us shareholders I might add.

This has nothing to do with effort or entrepreneurship. It has everything to do with OUTCOMES and CAPABILITY and the score board is the SP. But pls don’t let the facts get in the way of that view. Yes I know this is an unpopular view for all the Mark fans but if you take your emotion out of this and step back and look at this objectively then you might see these comments may have some merit.

As I’ve said before I’ll be the first to give kudos to Mark if he can deliver and get the SP materially higher but for now the discount on this company is huge and it won’t unwind until they start delivering. This potential new customer sounds like a good start. GLTAH