Ann: Entitlement Offer for Growth Capital, page-9

I really struggle to see why any of the longer term shareholders that make up the majority of the top#20 would vote in favour of this resolution. Directors looking to be issued up to 5.75mil free shares off the back of such low hurdles linked to the share price....really?

(a) 50% convert upon and subject to the volume weighted average price of ordinary shares of the Company being not less than $0.06 (6 cents) per share for any 5 ASX-trading day period;

(b) 25% convert upon and subject to the volume weighted average price of ordinary shares of the Company being not less than $0.08 (8 cents) per share for any 5 ASX-trading day period;

and (c) 25% convert upon and subject to the volume weighted average price of ordinary shares of the Company being not less than $0.10 (10 cents) per share for any 5 ASX-trading day period.

a ~$6mil market cap to receive 50% and a ~$10mil market cap (pre this new raise) to be awarded 100% of your entitlements.

This would not even see the share price back to levels prior to the failed acquisition and share consolidation.

Options on the stock may have been a better way to go. Seeing management put their hand in their pocket to pick up equity vs free scrip is much more digestible.

Whilst shareholders want to see the share price head in the right direction, what they really want is genuine revenue generating business being won with a conscious effort made to make get this company profitable. The share price will sustainably head north if these milestones are achieved.

It's too easy to engage the pump crew that have been on board since the last raise to generate artificial interest on market to move the price above a share price hurdle for 5 days and be awarded shares. I dare say most of the pump crew have been caught out with this follow up raise and will likely not participate or get involved on market again.

I don't doubt for a second that the team is working to try and win business, however the lead time, procurement stage and value of contracts being awarded is really impacting the business in terms of viability.

I really want to be proven wrong here and see some fantastic execution by the business that warrants a share price of 10c+ / 20c.