Ann: 2019 EGM Results, page-3

I attended the EGM. Only Peter, Kenneth (I think) and Kim were in attendance and only Peter and Kim hung around to chat to me after the meeting. Stephen was in Singapore on a sales trip and Matthew in Bali. Small turnout with the usual insto holder representatives.

Not a huge amount to report that we didn't already know. The plan is target the multinationals as they have a social responsibility angle. The downside is they are slow and so this plan will take time, but apparently it is going well. The other market they are targeting is the in warehouse market where weight is less of an issue.

Plastic supply has continued to be an issue, but they appear to be doing more themselves to ensure they get the plastic quality they need. I asked about the Indonesian import ban and apparently this is unclear, but they are working though it and it appears to be in hand.

We had quite a decent discussion about RAN being more open and providing the market with a clear business plan with timelines and targets so we can know if things are on track or not. There was a recognition that with all the chopping and changing in management that the plan is very unclear. I am hopeful that we will get more guidance in the months ahead. The branding was also seen as non-optimal.

Overall I am feeling more confident about RAN than I have for some time. I don't think the climb out of the deep hole past management has got RAN into is going to be quick, but if they can pull of the multinational strategy then we should have a nice business.