Having reviewed this years Annual Report and Notice of Meeting,...

Having reviewed this years Annual Report and Notice of Meeting, here's how I will be voting and why at the bottom of the post. Disclosing I am a regular shareholder and have been for over 3 years, with a significant number of shares and I have no connections or relationships with anyone involved at the company -



Resolution 1 - Management have done a poor job in my view and are also highly paid given the market cap and business performance. By my calculations Paul Rennie alone has collected approximately $5 million in remuneration over the past 5 years, including $1 million this year and $931 thousand last year despite the poor management of milestones, shareholder communications, general governance and overall performance of the company. In addition Donna Skerrett has been paid over $5 million in the last 4 years including $1.2 million this year and $1.5 million last year.

Resolution 2 - Last year was a first strike against remuneration. If we have a second strike this year, it will allow us to spill some of the Board and Amos Meltzer should be replaced in particular in my view. As an Independent he probably should have been representing regular shareholders much better - he also still has no skin in the game after 4 years on the Board.

Resolution 3 - Looks to be an experienced and much needed Independent voice, with skills that are hopefully being put to good use right now.

Resolution 4 - See Resolution 2 rationale above

Resolution 5 - See Resolution 1 rationale above

Resolution 6 - See Resolution 1 rationale above

Resolution 7 - A much needed injection of capital allocation skills in all likelihood so happy to support their involvement on the register.

Resolution 8 - Not keen to support even more dilution of long term loyal shareholders. They need to secure a better funding option that has been mooted for many years - partner, convertible notes, private credit etc rather than just tapping existing shareholders again which is all too easy...