Ann: ASIC registration of Scheme Booklet, page-13

Having reflected a little, the massive disappointment I have with the Independent Board Committee is this:

• The Board were happy to release ZEN’s half year result back in February noting that the current BOO capacity was 226 MW (as of 31 Dec 19) and that the company had a qualified pipeline in excess of 450 MW plus another +700 MW of identified growth opportunities not included in the pipeline;

whereas

• The IBC have now signed off on the Independent Expert Report which arrives at a valuation of our company using a mid point destination of installed capacity of approximately 260 MW, only 34 MW greater than 31 December 2019 and 28 MW greater than current committed capacity.

The IBC are recommending that minorities sell based on a valuation calculated on the basis of only limited growth from where’ZEN’s capacity is at now. Why are we being encouraged to sell out the opportunity for future growth that the board told us was there only four months ago for some pocket change? Assuming the board is reading this, please let us know what has changed since February and therefore why the growth that you said was there now only has limited value in assessing what is fair to minorities. Why do the IBC rate the ability of ZEN to convert on the qualified pipeline and identified opportunities as being so amazingly poor?