Ann: AGM Chairman's Address, page-2

”On a personal note, I am someone who focuses on generating shareholder value. Through my career, over 90% of my total income has been generated from equity appreciation. I purchased approximately 2% of the company using my own cash at A$0.21/share. I was awarded another 2% of the company in stock options at a 10% premium to then traded stock price. Those options only have value if Fluence’s stock price appreciates. I point this out so that you can have confidence that I’m focused on taking those actions which will create shareholder value.”


That is a fantastic first address from our new Chairman. Whoever is buying below 21c seems like a bargain at this moment. The key is that you have to get us to profitability and beyond in quick time.

This is probably the first time the 13 P&L centers are mentioned and shocked me. That had contributed to the very high cost we had paid in the past 6 years since the merger. What were the directors doing all these time? Perhaps it’s only after Richard took on the CEO role that the SG&A cost started significant management, but still 13 profit centers till now? What were the other independent and non-independent directors doing?

With this, I am ok to vote for Doug’s options and perhaps Richard’s, and a definite yes to the Employees Share Option Scheme.

Let’s hope for a nice change with our new team. The 3 Amigos plus 1.