Ann: Appendix 4C & Activities Report, page-32

Interesting. Couple of points I'd like thoughts on.

• Gem Syndication Pty Ltd is listed as having 23,333,334 shares.
• Broo advised the ASX on 8 Jan 2020 that Gem Syndication Pty Ltd had become a substantial shareholder with 8.61% shareholding, apparently after buying $980k worth from Kent in Dec 2019.
• When I last looked, ASIC records showed that Gem Syndication Pty Ltd is owned by another company CEA Syndication Pty Ltd, with Teik Leong Siah listed as a director. The Australian Business Register records Adrian Siah as the trading name of Teik Leong Siah.
• Adrian Siah was named Broo CFO on 24 December 2019.
• I looks like at some stage Gem Syndication has sold 36,666,666 shares.
• There has been no change of substantial interest notice lodged that I can see about the sale...but there should have been, shouldn't there?

Appreciate any thoughts / observations on the above.