Leadership Concerns, page-12

Awertw, your analysis is factual and sound. I have posted my concerns about this company previously, hopefully some have heeded the advice given then. I would also draw attention to the lack of participation at Board level in this company's equity. Most past and current directors have been issued with shares, few have participated with their own money. the table below shows the track record of Directors.




Of greater concern is the lack of directors' participation in the numerous rights issues undertaken by the company since listing.

I point out once again the dire cash position from the June 30th 2023 Quarterly activities report Appendix C.



$5.2m of operating cash outflows and $1.3m of cash receipts from sales. Over half of the last equity raising consumed in one quarter.



Once again they are reliant upon future income from R&D grant support associated with their failed tyre desorption strategy. Their efforts to compete in the mature competitive tyre crumbing / chipping recycling market have come far too late as evidenced by their inability to achieve sufficient market share and inability to scale volume processing. Ironically the more tyres they have processed the greater the operating cah losses. However, this time a large part $2.6m of the R&D grant income will be used to pay down their onerous debt facility. The 15% interest rate on a secured loan is far higher than any current corporate secured funding levels.


I hope this input is helpful to your decision making.