Ann: Return of Capital, Buy Back and Company Secretary Appointmen, page-13

I think the company has made it very clear that it is in the hands of the ATO. I might be wrong but see company announcement notes below. Also ATO has their own time frames. So if the ATO says no the excess cash does not disappear. And if anyone has bought based on a capital return "subject to a favourable ATO ruling" alone then they should look at selling out.

Annual general meeting presentation 28th Oct 2021

On 17 August 2021, Ava Group announced the divestment of its non-core Services Division, Ava Global for US$46.4 million. Delivering a return on cash invested to Ava Group of circa 587%. Last week, we announced the completion of the divestment which has resulted in anticipated net cash proceeds of A$41.9 million being received and expected excess capital of over A$40 million.

The Board’s intention is to use the excess capital to undertake the following capital management strategies:

1. Capital Return to Shareholders: $39.7 million (circa 16 cents per share); and

2. On-Market Buy Back: $1.0 million, So far we have purchased around one million shares for

   approximately $0.5 million.

The proposed capital return is subject to the Company obtaining a favourable Class Ruling from the Australian Taxation Office in respect of the classification of the proposed capital return and obtaining shareholder approval pursuant to resolution 5 of this meeting.

Capital Management Update 30th August 2021

Following the completion of the divestment of the Services Division (refer to ASX announcement 17 August 2021 for further details), Ava Risk Group is expected to hold $40.2 million in excess capital. The Board’s intention is to use the excess capital to undertake the following capital management strategies:

1. Capital Return to Shareholders: $39.2 million (circa 16 cents per share); and

2. On-Market Buy Back: $1.0 million

The proposed capital return is subject to the Company obtaining a favorable Class Ruling from the Australian Taxation Office (“ATO”) in respect of the classification of the proposed capital return and obtaining shareholder approval. Based on feedback from advisors, the Board expects to be in a position whereby the formal proposal could be put before shareholders for approval at the Annual General Meeting (“AGM”), which is scheduled to be held on Thursday, 28 October 2021. Important details, including a timetable, will be provided in the Notice of Meeting in due course.

Depending on the results of the on-market buy back, and the surplus cash available to the Company, the amount allocated to the buy back may increase over time.