Ann: Response to ASX Appendix 4C Query, page-46

I agree that the deal hurt shareholders, at least for now. They could have raised money early last year when the shareprice was hovering 18c, decided they didn’t have to and then had to go back on their word and take 6c per share. That was disastrous, even if they become positive ebitda and recover the shareprice, that was still disastrous.

I don’t agree that Clinton’s got a “whatever happens is ok”, correct me if I’m wrong. They bought about $4mil worth of shares, they will not get that money back unless they can sell it for a much higher price later on. The 5mil convertible note (at 7.5 cents) only means they have first dips in getting that 5mil back. Even with all underwriting fees and what not, they do not get a good outcome unless they turn things around, no wonder Simon Moore has joined the board, he’s on the board of some other very successful companies.

It’s easy to get depressed with the shareprice, even though it has been very low volume. The half yearly is due next week, revenues will probably be around $4mil for this low season half, compared to the $1.5mil this time last year I think we are in a much better place.
(yes Jasmin revenue used to be even higher in the past but so was the market cap, I believe revenue is supported by strong partnerships with healthy margins now so it’s all different).

This time last year we also did not have a development agreement with Pine belt, a major US military supplier. We did not have an MOU with ICL. Yes these things are taking forever but I wait for updates. This time last year we also had a toxic 9mil usd loan which is no longer there.

I hope they clarify the timeline on positive ebitda next week in the half yearly, shareholders deserve not to have timelines given to them in letter and then not to be mentioned again.