Ann: Change of Director's Interest Notice, page-149

This is my last post.

For everyone out there, please do not misconstrue my departure as a lack of faith in CXZ (nor the other stocks I hold), I am taking a short term break from HotCopper for the reasons mentioned earlier.

1. I have not and will not be contacting anyone via email/Telegram/FB nor any other form of social media -- sorry, but I do not have the time in my schedule at the moment. If anyone contacts you and claims they are T.E.P., I assure you they are not.
2. I have exchanged messages with Aaryn Nania regarding the change in substantial holder notice and maintain my conviction in this stock. This has caused havoc to the stock's momentum and it may no longer perform in the time frame that I had hoped, but I still personally believe it will be a multi-bagger in the short-medium term.
3. Everyone needs to come to their own conclusion. True conviction can only be achieved from deep personal research without relying on another person's decisions, no matter how impressive their track record.
4. Management of the fund (buy/sell decision making) is now independent. Aaryn's directorship is now administrative (though still needs to be disclosed to the ASX as he is technically related)
5. The fund has been invested for 6 years in CXZ with huge position sizing and is now on a 300% profit. External liquidity needs, investment duration, position-sizing, even staff turnover are huge factors in professional fund mandates that limit portfolio manager’s ability to hold extreme positions forever. There are myriad factors unrelated to company performance that can lead to an institution selling. Personally, I don’t take my cues from institutional trading whatsoever
6. In this case, the fund is a Cayman vehicle (https://www.lucernepartners.com/wp-content/uploads/2020/02/2nd-AR-Supplement-Lucerne-Composite-Fund-SP-3-Dec-2018-FINAL.pdf), so there is also a considerable tax issue for the fund if over 10% ownership (it was the conversion some years ago that took their ownership above the threshold)
7. It wasn’t a complete sell down, despite more than available liquidity

Dot points 4, 5, 6 and 7 were provided by Aaryn to me as an explanation as to why part of the holding was sold on market.

Aaryn is a talented professional and he continues to heavily support the company: "I’ve recently left Lucerne to focus full-time on portfolio companies and CXZ is the priority with best potential over time (just my personal view). I’m not taking an executive salary as my upside will clearly be in the stock. I wouldn’t be working for free if I didn’t think there was meaningful upside in the stock over time."

Personally, I have taken today as an opportunity to accumulate at prices that I believe to be amazing value (sub $22M market cap).

All the best and good luck.

See-you again soon,

T.E.P.