Ann: Quarterly Activities Report and Appendix 4C, page-14

At first blush, this result is a disappointing one.

It was disconcerting to see invoiced sales decline (including HP?) as did expenditure on production.

The massive marketing spend may have delayed impact and bear fruit in FY 2022 Q1 and Q2. If nothing else, it shows confidence in the future as it contributed significantly to Q4 cash burn.

Having suspected a Q4 "non result", I look forward to some clarity being offered in today's presentation. That said, I also expect to be underwhelmed with management clearly tight lipped on the HP sales.

There will be no hiding from the Sept 4C. It will either deliver results or start to raise concerns about cash levels, given the significant new appointments made.

I am distracted by a couple of other investments that have blown the lights out in 2020/21. That said, I am deeply concerned that many here have pinned great hopes on NUH and are seeing little joy for their patience. That is not easy to swallow.

Like a broken record, all I can suggest is that investors need to be patient and remember the HP story has only just begun. As also has the OTC opportunity.

The market has voted on the short term outlook. The company needs to weigh in for the long term result.

GLTASH