Ann: Appendix 3Y, page-78

Well if they tap GEM in substantial amounts that would be dilutive yet again and cook the share price pretty quick unless its linked to a material purchase order or acquisition.

The balance sheet has been a mess for a while and the heavy dilution and current share price are the price we pay to unravel it. Id prefer a Nasdaq capital raise and on-boarding new, strategic investors rather than issuing to GEM in any substantial amounts, i dont believe that GEM is in for the long haul.

At A$45mio market cap (663.8mio * 0.069), and A$6-8mio of revenue per annum, the stock is prob marginally undervalued on current revenues. I think everyone can agree that its the future revenues and potential in the products that people are looking for, so until that starts to appear in any quantum or volume, then the stock will likely churn around these levels.