Ann: Appendix 3Y, page-35

The simple fact is the transition of its substantial body of IP into commercial products was not realised on a schedule that would have sustained the sp.

In retrospect, the task was tremendously difficult for such a small company. Just engaging p&g must have smelt like victory to obj - and to plenty of investors as well.

In spite of the sp, I think Jeff and Glyn did well to capture p&g, but trying to keep so many plates spinning was just about impossible. There's only so many hours in a day.

Recognising that core problem is driving the Board expansion and now a better-connected, larger management group can have a crack at it.

It is good to see Steve chuck a few more dollars in the pot as a gesture and, as a hard-headed, successful businessman, hopefully his estimation of the great value to obj of his old mate from Becca coming aboard is correct.

It must be exciting for people with the right-skill set to see the great tech obj has to offer the world and be given the opportunity to bring it to market.

The transition from development to commercialisation needed a matching transition in BOD skills and that is well underway. Most holders have been drawn by the strength of the IP, and so finally harnessing a stronger and bigger management team to it should do the trick.

Despite being dirty about my own timing, (my fault, of course) the fact obj has stayed alive by stint of unwavering cash-burn discipline to now identify the right move and take the next big step is admirable.

Go get 'em boys.