Ann: $4.4M Raised in Strongly Supported Placement, page-14

A lot of companies have gone to the markets to raise capital post covid crash and have taken advantage of the ASX COVID emergency capital raising rule which allows a generous amount of money to be raised through a SPP and the emergency ruie is specifically designed to allow retail investors to be protected from high levels of dilution.

I have participated in quite a few of these SPP. The better managed companies have, as a rule, conducted a SPP at the same price of the accompanying capital raise which have allowed retail investors to protect their holdings and avoid unnecessary dilution.

The management have a duty to act in the shareholders best interests. I do not believe there is any good reason why retail investors couldn't have been afforded the opportunity to participate in a SPP which could have been underwritten if there was such strong institutional support @15c.

For these reasons mentioned above, in the absence of a SPP being announced, I will be voting AGAINST the resolution to allow the second tranche at the October meeting. I will send an email to the company secretary advising of this I would encourage other shareholders to do the same.