Ann: Fluence Successfully Raises $36.0 Million to Underpin Growth, page-83

As disappointed as I am with FLC's SP, (irrespective of continued traction of our products), I am disquieted also to hear a number of fellow holders say they are / have not participated in the SPP.

However I can definitely understand their decision.

I have previoulsy not participated for much the same reasons, and because at that time I had accepted that as an EMC shareholder originally it had become clear we had simply 'jumped in' too soon.

But now as the company matures, I weighed it up a little differently.

An additional consideration for me was what might be the attitude of Management if and when a future listing in the US occurs?

I reasoned if we collectively showed a positive interest in later SPP's them maybe we might expect to be treated reasonably with regard to our shareholdings. Personally I hope to be able to maintain an ASX holding if there is any chance of a future dual listing.

In participating in this SPP, it followed days after I had topped up our holdings on market by 40,000 at 0.50c, which was a distasteful outcome in the short term, and of course I'm mindful of the potential for the stock to trade down again soon, as it has before.

From a longer term standpoint though I rest easy with the decision to commit new capital as far as FLC is concerned, because I trust a relatively successful SPP will remind Management and major shareholders that smaller Australian (and other) shareholders who were able did their bit to support, rather than wait on the SP falling again. Furthermore, as a business case, momentum is building and it is ever more compelling.

Either way, everyone has their own road to hoe, and I wish all of you every success with FLC and more broadly.