Ann: Notice of Extraordinary General Meeting/Proxy Form, page-109

For the first time, this company is starting to make me feel nervous.

The first red flag was the late 4E and no explanation of why. This event was accompanied by the resignation of an executive director. Who knows, maybe the director was the cause of the delay and was pushed out for that reason. We don't know.

The second red flag is the minimum share price of 20 cents for the NASDAQ IPO. This tells me that there is not much confidence that there will be announcements before then which will raise the share price from where it is now. Telegraphing a 20 cent price is not kind to current shareholders who have been loyal and are already sitting on losses. 20 cents also neatly fits with the 35% dilution that will happen.

If Hot Copper can be believed, the CEO seems to be sharing price sensitive details through emails with member/s along the lines of 'something coming at the end of the month / you should be happy etc.' It's nice to share, but there is a right and wrong way to do that.

An unexpectedly large capital raising to the tune of one third of the market cap of the company, with little detail on how that money will be spent.

Massive dilution which could see us go from about a 100 million market cap to over 160 million if performance shares are granted and NASDAQ goes ahead. Should we ever make it to a Billion market cap, instead of being a ten bagger, it will be a 6 bagger.

Using shares as a performance incentive for employees, which equals more dilution.

Being asked to vote at an EGM but not actually having any power to change anything because the CEO owns over 50% of the company.

Woeful communication, but this seems to be the norm.

Hopefully I'm just jumping at shadows.