Ann: Change in substantial holding from AEF, page-13

AEF’s investment strategy is flawed:

1. if AEF felt there was any long term equity value, buying on market at the current price makes no sense. AWF’s analysts should be across the detail enough to n is that Nuix needs to raise capital and any capital raising would be conducted at a discount (in a Nuix’s case likely to be significant discount). AEF would have been better advised to underwrite or support to the necessary capital raising

2. if AEF sees the current price as opportunistic in expectation of a trade buyer coming along and privatising
Nuix, then they have again misanalysed the situation . Any trade or financial buyer for the business will only be interested in buying the assets, not the corporate entity which is subject to multiple class actions and the former CEOs claim which is the ultimate black swan event for Nuix.