Ann: Notice of General Meeting/Proxy Form, page-15

Does their arrogance and greed know no bounds? 10m shares assuming 25c could be reasonable market price later this year, is approx. a $1.9m windfall for each of our 3 new directors (0.25-0.0615 times the 10m). To add insult, we loan them the $610,000 on interest and risk free terms. No mention of any escrow arrangements that I can see.

This has got me re-riled about the 61.5m share issue described in the previous March statement. Para 9.3.5 states 61.5m shares were issued to other non-director participants. Who were they? They legitimized the issue in the March statement, by reminding us they got approval for the issue from shareholders in March 2016. They did not remind us that that the share price was 0.1c at the time. I voted at the time and it was not my intention that my vote would be used 12 months later to make few people richer to this extent. They argue an issue price of 6.15c is fair when a fair market price now would probably be multiples of this. Not a good look when they are trying to place the new shares for the capital raising at north of 15c.

In still trying to work out who got the 61.5m shares (at 25c-6.15 a $11.6m fortune) I note para 9.3.6. Rather than tell us who got the shares they say they were not issued to anyone for whom ASX approval is required. This sort of trickiness and obfuscation (unless I am missing an obvious explanation) is what partly caused us to be suspended.

Moving on to para 9.3.7. It lists the people entitled to shares under the Directors and Employees Share Scheme. It is a select list, just the 5 directors and the mystery 'each associate of those persons'. There is no definition of associate in the glossary to the notice.

I will be unable to attend the AGM but will be making my displeasure known to Directors beforehand. I'm the meantime if anyone can explain who got the 61.5m shares it would be most appreciated. I was expecting to see a change in director interest notice for Galt and Davies which might solve problem, but cant find one.