Ann: AGM Presentation, page-45

It beggars belief that otherwise well-researched and articulate participants, who clearly have both the penchant for and the ability to do deep dives into a company, are still of the view that a company like this is "nearly there", "at an inflection point" if they can just "cross the chasm of debt".

Sorry to break it to you, but the reality is much bleaker - this is a company on its knees, gasping for air, pulled up by the exchange and forced by its creditors into making a highly dilutionary and ill-timed capital raise at the expense of ordinary shareholders. Those relying on the crutch of management-speak must be deluded if they think they can believe a word they utter, given how badly they have run the business and led shareholders down the garden path time after time. Did they not realise much earlier (at far more palatable share-price levels), that their debt was a massive albatross around their necks? Give me a break. The results simply aren't there no matter what they say or do, so why give ANY consideration to their word now?

This must be the nth "Investor Presentation" released in the last howeversomany years. I opened it - because I'm a sucker for punishment - read the title on the first slide (FY19 - Building the foundation for growth), and stopped right there. Really? What have you been doing in the many FYs prior? Are we at square one after all those years as a public company, not counting all the years before that developing the product suite. The bottom line is we have simply bankrolled a series of poorly conceived experiments in commercialisation of chemical products, no matter how attractive the science behind them seems to be.

I implore you once again - get over yourselves, use some of your clearly bankable talents and finite time and efforts to research companies that are well-run and have a snowball's chance in hell of being viable, profitably entities, and stop couching your idle speculation on AJX under the garb of high-brow forecasts and analyses. Above all, please think carefully about tipping your hard-earned into the tattered CR hat that is going to be in front of you soon.