Ann: Executive Leadership Change, page-224

Fact Finder - my view is LDN lost the trust and confidence of the Board following the LDA Capital deal being fully reported in the Annual Accounts.

This followed on from 2 other expensive equity raising with CST and regal the CST deal was supposed to be enough to take us to silicon.

The regal and LDA deals were very expensive and reflected the desperate position we were in - swimming with sharks.

Our recent Board appointment with 10+ years Macquarie experience would have seen the deals for what they were.

The 100k plus 300K paid to Lou over next 12 months is no more than his previous fixed remuneration paid over 12 months. Characterising part as part time consultant is no more than "if interim CEO need to ask you something be cooperative"

Now LDN leaves a potentially wealthy man 11 million shares and 41 million options with an exercise price of 17.2 cents. So he needs to find $8.6 million by 30/9/2021 or get someone to finance his option exercise. Not difficult with 11 million shares as collateral or sell them early exercise some and then sell them thereby self financing them.

When a separation is immediate it is usually not on speaking terms and would have happened via zoom. I think the Board would have caucused quite strongly before meeting and over a period of time I do think Carrick would have been a catalyst and PVDM must have been in agreement.

But then again I do like conspiracy theories.

I just hope PVDM is not too distracted and I still don't know why Roger Levinson left in July as I thought he was the CEO succession plan