IGN - AGM, page-3

OCI believes that if the current Board is spilled as per Item 4 then it gives IGN shareholders the option to vote for alternate directors sometime in the following 90 days approx. If IGN shareholders do not like the alternate directors that nominate they can then just vote in the same Board leadership that has been in place for the last 8+ years. If shareholders don't vote to Spill the board as per Item 4 at the AGM then there is no choice at this stage for another 12 months. The company has been citing the cost of an additional meeting but our view /opinion is that this is absolutely nothing compared to the recent year losses which total in the millions & millions of dollars. ( Plse bear in mind that if you strip out the $2.6m Jobkeeper payment then IGN would have made another operational loss again FYE 2021. The recruitment sector , especially in the Temp - Contracting sub sector which IGN is in did well overall during Covid. Not as good as alcohol sales but....)

We also have potential concerns as to the latest 4C Cashflow report Sept Qtr 2021, especially as the share price has popped approx 60% ( on relatively low share volumes ) since the 4C report was released end of October 2021. This is also because they have reported previously relatively strong cash flow results that are followed shortly thereafter with large losses. We are not suggesting large losses will follow this result ( we dont know ) as the recruitment sector seems to be very strong despite Covid but the company has refused to provide any further clarification to the whole market on the cash flow numbers reported in the 4C report as we have requested. We don't understand why they wouldn't clarify for the market/all IGN shareholders. You should ask them at the AGM tomorrow. IF there is a large disparity between operational cash flow reported and the actual profit & loss figure ( not disclosed by the company ) then that we would suggest would give many long term shareholders ( That are already questioning the efficacy of this Board ) reason to ask more questions of the company and the current Board leadership that has been in place for 8 years+ and shareholder cash returns for that period have been $zero. OCI believes its absolutely not about increased revenue for revenues sake but importantly & specifically profitable revenue & an adequate return on shareholder invested funds. Our opinion is that the current Board is not focused enough on real profitability and shareholder returns. We live in hope though & wish the management well in their endeavours but will continue to push for real change until all IGN shareholders, the actual owners of the company achieve appropriate returns. Look us up after the AGM if you want to discuss offline, we are open to any views or questions you might have that would improve and release the intrinsic value in IGN.
Best of luck with it.

***IMPORTANT- The views of expressed here on this post are the views,beliefs & opinions of Octavium Capital Investment Pty Ltd ( A.C.N - 629 927483 ) only. They are not investment, financial or other advice of any type.Those parties considering investing or acting in any way based on the information contained herein need to obtain their own specific, independent and professional advice before acting. All parties should verify and check as to the accuracy and relevance of all information contained herein to their own specific circumstances