Ann: Cynata Appoints Dr Geoff Brooke as Chairman, page-51

The board through these announcements has only just shown us (the shareholders and potential shareholders) their thinking - about remunerating and incentivising themselves.

Whilst it goes without saying that every shareholder can vote their shares as they see fit and it also goes without saying that shareholders retain a natural right to communicate with each other and express their views with each other (perhaps with a view to doing more than merely voting no) in the opinion of this holder who is not a financial advisor I believe it is prudent to consider the circumstances the company, shareholders and the board are in carefully and respectfully.

At this point I want to continue thinking but I do want to offer for consideration a point or two.

The valuation of companies in a takeover is a somewhat subjective thing. However when a board advised its shareholders through the market reporting mechanism that they have received a $2 bid with some other details undisclosed shareholders have been given - I submit - by the board themselves a valuation of another party at that point in time.

I'll be blunter. I believe Sumi would have wanted to takeover CYP at $2 dollars a share if they could have gotten us for that at the time (but they didn't have a chance at that price under a friendly scheme of arrangement) - but had they - under a scheme of arrangement the acquiring party usually reserves the right to get rid of the existing management and board. So I submit that it is my belief that at the time of the Sumi offer CYP was worth at least $2 WITHOUT the directors continuing as directors. That's any of them or all of them - in my opinion.

The other thing I am bearing in mind is that the directors after taking into account the information they had (including knowledge of the Sumi bid, including knowledge of the fact of some retail shareholder dissatisfaction which manifest in the form of some shareholder activism, and including the fact of COVID, and not least important including their own assessment of their own ability to raise value and create value in the climate - so they weighted their own collective potential) decided to raise capital at about 60 cents. That 60 cents must include I believe a component of the then directors own self belief and self confidence. No one other than the directors decide what directors of a company should seek in a cash raise. The buck stops with them.