Ann: Annual Report to Shareholders, page-12

Given what’s going on, it’s important to be factual - and the Company spent approx. $700k chasing a $400k misappropriation.

Identifying the misappropriation was a great find for shareholders, spending $700k in the hope of clawing back $400k was questionable. In the same way the Annual Report shows management have increased centre staffing costs $9m to generate revenue of $7m. Negative $2m at underlying centre level. Others have flagged HO and debt issues.

Management have run this for 12 months and turned it from a profitable business into an unprofitable exit route for Genius to turnover its centres. They are way out of their depth and yet claim they are now steering the ship in the right direction - when they are solely responsible for taking it deep in the wrong direction.

We all eagerly await the proposed director’s bios and Riversdale’s website but what good has the current Board’s “public company experience” done when shareholders have seen is a profitable portfolio company crumble? And we should note that Ashok Nav had zero public company experience, Lubna Matta had zero (Google suggests she opened IGAs in partnership with a private equity arm of Genius) and David Niall is a NED of a company 30% Mayfield’s size. That’s hardly relevant experience to be running Mayfield.