Ann: 2019 AGM Speeches, page-3

I am not sure how you can draw those conclusions. We pay for management and managements ability and skill is what we expect at this level. Firstly the fact that they have now finally got better security suggests that the original agreement was woefully inadequate. Sargon pulling out of a deal is not new, it happened in NZ as another poster pointed out and it was widely publicised over there.

This isn't the first missed settlement date this is probably the third - Deloitte's didn't just get snippy because they wanted to there has been a real chance of default for some time. Yes we are better secured and yes they have amplified the circumstances but no it isn't really a good situation.

Management seems to want to blame this on chance - I don't think so. The presentation today was woeful compared with the hype we have seen in past presentations. No up[date on how the business is travelling. No explanation as to why they purchased Diversa in the first place only to change their mind 3 years later. No explanation why they didn't have all this security in place at the first closing date and then to have rolled from one date to the next without resolution is pretty poor. It seems that no-one there actually wants to take responsibility.

The results this year were poor and the presentation ignores all the actual items choosing to reflect the adjusted NPAT.

The chief technical officer has departed - there has been a high staff turnover. The glorious explanation of the 20-mile walk hasn't explained why we have been meandering in the bushes rather than walking on a path. It's not because we have done well that the share priced is less than half what it was last year. Its this price because you can only keep disappointing for so long. If this is a great buying opportunity it's one that has been made on the back of poor performance and some very real issues. Yes, the industry has been and is going through a transformation and the only reason disruption exists is because there is a huge need for it and as a disrupter, it has been a woeful example of not getting it right. They used a write-back of taxes to applaud their first profitable year. Then the next one was not as good.

Personally I think I have heard the most excuses ever from this management team and when things get tough then all the great slides about the journey disappear. I am hanging in there but really I expected far better. That explanation was only trotted out in my opinion because of the flood of shareholders unhappy with the events and have been contacting the company.