Ann: AHI Quarterly Report and Appendix 4C, page-3

Hmmm revenue halved the last quarter. Interestingly Vlado is no longer the Head of Strategy and Revenue Growth and now goes by ‘strategy lead’. Maybe he’s finally recognised that somebody with a revenue growth title actually has to generate revenue.

Now the Convertible Note death spiral commences. AHI will never be able to extinguish the con notes and they’ll convert to equity at a massive discount to the SP and be seriously dilutive to shareholders. I have no doubt they’ll get a con note away on this basis to some bottom feeder.

The end is nigh.