Ann: Presentation on Q1 FY23 Quarterly Report and audio webcast, page-17

The problem with SBM is not simply the assets but the management of the assets. SBM has a board that is clearly sub standard, have made some terrible acquisitions ( BDC not one of them ) bad decisions ( if they ever have the commercial judgement to make one ), seem to blame the company's performance on everything other than their own ineptness, have very little ownership interest and appear to be looking after their fees rather than shareholders interests. the list goes on and on! Until such time as the SBM board takes responsibility and hold themselves accountable, where does one go!