Ann: Quarterly Activities/Appendix 5B Cash Flow Report, page-38

Yes, $587,075 for the quarter would be about right. We have TWO Non-Executive Directors, Mark Hepburn and Bradley Gordon. If each of them are doing the same as the Chairman and claiming $3,000 per day that would be 90 days at $3,000 = $270,000 x 2 = $540,000! If they continue for 12 months it will be over a million each. Unbelievable.

Related Party Payments
Payments of $587,075 were made to related parties being the Non-Executive Directors’ Fees as set out in
Section 6.1 of Appendix 5B.

In small print at the bottom of the table on page 18:

6. Payments to related parties of the entity and their associates
Note: if any amounts are shown in items 6.1 or 6.2, your quarterly activity report must include a description of,
and an explanation for, such payments

Are we expected to accept "Payments of $587,075 were made to related parties being the Non-Executive Directors’ Fees as set out in Section 6.1 of Appendix 5B." as a satisfactory explanation?

The Boys Club continues.

Australian Securities and Investments Commission
GPO Box 9827
Brisbane QLD 4001

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