Ann: Annual Report to shareholders, page-94

Yes, it is a big lessons we all learned. I think my reflection is that they did tell a really good story about circular economy, which the place you expect "good, ethical and responsible people" work, however I was blinded by the CEO and management that their real intention is for their own performance rights, there were a lot of signals there and I just ignored them all. If the business is truly undervalued for such a long time, why there was no single director buy shares on the market? Not even a few thousand of dollars? Because they don't care about the share price and they know what they are doing, as long as they can get their performance rights, they can sell them with good profit for themselves. There is a 20M sell of shares at the end of July/Early August and I believe that should be insiders were selling because they knew the report would be ugly. No matter who took that 20M, the buyer been fooled as well.

I will find an opportunity to exit this investment but big lessons learned. Well played.