Ann: Amended Appendix 3B, page-45

Assumptions are not very good investment strategies, I would suggest. Looking at it from their perspective, they want to see the company do well as they are large shareholders, but they are not getting paid. Can you imagine being on a very generous salary, a lot better than most people (much, much better than me!), and then suddenly not getting paid for seven months?!!

In the past they have paid themselves based on capital raising from investors. They can't do that at the moment because they're suspended. They are also in danger of becoming insolvent. So their primary objective at the moment would be to lift the suspension, no matter what, even if that objective does not align with shareholder interests.

My concern is that they will cut Valentia loose and go back to the ASX saying "the deal got cancelled, so can we start trading again, so we can raise capital and keep the business running"?

I don't know what the ASX rules are in this case, but I assume that if they can demonstrate they still have a viable business, the ASX may say yes and lift the suspension. If that happens then what will the share price be? 5c? 2c? 1c? It can go much lower than that. I'm not saying it will, but think about how your portfolio would look if it did.

So, yes, I hope they do pull a rabbit out of the hat, but let's keep in mind what the worst case scenario for shareholders is.

One last thing, even if RA Solar comes up with the development fee, how much of it will be immediately sucked up by unpaid salaries?

They need to tighten their belts. I've outlined a strategy of salary reduction and bonuses based on milestone payments. They need to implement this, in my opinion. They won't do it without shareholder pressure, so when we speak to them next, we should all apply pressure for them to implement a more sustainable salary model.