Ann: 2024 Half Year Announcement, page-20

It's a fair call. CEO and Chair came onboard in late 2020 so have been at it for 3.5 years. That should have been enough time to turn matters around, but not to be. Over that time there has been near $70m of capital raises to deliver what exactly? Sub par sales and increased losses and cash burn? Sales in growth markets are underwhelming and the US pathway is not clear and not achievable without someone assuming the cost. They have backed off in Europe which was supposed to be the growth driver sold to investors in recent years. Think they also contracted PwC to advise on the commercial pathway in that market too, hardly money well spent!! Not selling in Germany, the largest EU market - why not? Very poor execution and investors have paid the price with a tanking share price.

Recent half sales growth at approximately 10% is way off where they need it to be. As a result they have turned to cost cutting. They deflect the capital raise talk but rest assured they need a cash injection of sorts very soon but at such a low current price, it just spells for diluting long term holders.

Very underwhelmed by the recent performance. Underwater on this stock and will be looking to time my exit should an opportune moment arise!!