Ann: Quarterly Activities/Appendix 4C Cash Flow Report, page-17

A shell would still be worth something. I don't actually think Paul is a bad man (and yes I know the used car history, and a couple of decades ago the Fletcher Challenge, and sale of some shares to whatever that fund was that shorts). I spoke to him a couple of times on the phone about the company and unlike most CEOs he was willing to talk to the humble retail investor. My small dealings were good, he was happy to discuss all topics if we disagreed and was atleast approachable. He was well spoken and maybe that could come off as arrogant.

But like cricket, whilst you want to swing at every bad ball and hit it to the fence, if you screw up and think a ball is a bad one, and its a good one you can be out before you know it. Its better to let a bad ball go rather than try and hit a good ball to the fence.

IMO they overcommitted way too much into the generic sanitiser space due to COVID which has come and gone and now they just hold an exceptional large white elephant. Can you blame Hyslop and the board for jumping on the COVID rush? in hindsight it is easy, but it was like a gold rush, its hard not to jump at it in the moment. Sales soared to stupid values overnight. If I was in their situation in April 2020 I wouldve gone all in as well. Did they expect to have next to no sales post it? I know as an investor in early 2021 I thought there had to be a stabilisation in sales which has not eventuated.

The big glaring error and where I think the board needs to be held to account is the continual expectation that sales will come good once people use up all there Zoono. Personally IMO they should've acknowledged the writing on the wall atleast a year ago. That is my big issue with the commentary from the board (whether its directly from Paul or the new CEO). If the heirarchy truly believe that sales will still come back based on that the company is sunk. But its hard not to have the emu approach if the financial modeling internally shows that's the only way out. If you are already all in at the poker table and holding a pair of 2s and a couple of aces come out there is no point folding at that point.

Good luck all.