Ann: Proposed issue of Securities - CL8, page-16

Amazing to see some of the silly comments from some people on this thread... Did people actually read the proposal? Do people understand it? Based on some of the comments here I think the answer is 'no' to both.

Consolidation makes no difference to value. There is no dilution from this at all. It is likely to improve trading and liquidity as the % change required for buyers and sellers is less (today a 0.001 change is 10-12%), at the higher price, the step change of 0.5c will be about 2%, so easier to trade. Some investors will look more favourably on 20c shares rather than 1c shares.

The options have an exercise price of 1.5c. There is no value to Chris until the price is above that. For the tranche 2 shares the share price has to be above 2.5c for them to vest. For the tranche 3 shares the share price has to be above 3c for them to vest.

I hope he gets all the options, because then the share price will be over 3c, and shareholders will be happy (or they should be, but some will still complain).

The upcoming 4C will be important. Based on the last announcements we should see solid progress with Carly subscriptions. If we see this continue to grow well then it sounds like CL8 will finally be on the right track. I much prefer the subscription model versus the car rental model.

Cheers
Marv