Ann: Appendix 4C - Quarter Ended 31 December 2019, page-3

Let's not get ahead of ourselves@Whatknots. The G4 appears to be nowhere near operational so the 'Early CY20' deadline has been missed.

Interesting review of the quarterly.

Good News -
Board Changes
* James Walker to replace Bill Johnson from 7 Feb 2020 - bring it on!
Receipts from Customers
* The Dec quarter was the highest producing quarter from a declared Receipts from Customers perspective since at least Q2FY17/18.
* Prior last 2 years, average Quarterly Revenue was $147k
* Dec Quarter Receipts from Customers = $348k
SPIE Photonics West Conference
* Good news has normally been revealed at these conferences, from memory, the last two years.

Bad News -
"Costs and capex spend in-line with budget forecasts" Well if that is the case then BLG needs to start paying more attention to their published 'Estimated cash outflows' within their Quarterly Reports because their performances in this regard is 'patchy' at best.....at worst, its misleading.
Finances
* Cash Outflows for quarter exceeded 'Estimates' by almost 40%
* Staff costs have exceeded 'Estimates' for the first half by 8%
* Admin/Corp costs have exceeded 'Estimates' for the first half by almost 120%
Cash Burn
* Nov AGM Preso declared Monthly Cashburn to be $632k
* Cashburn for first 6 months based on Quarterly's = $720k (ex Property, Plant & Equip)
Aixtron G4
* 'Early 2020 deadline missed
* "...continues to make progress..."
* So when will this machine be operational? No future date given.....

Message to James Walker - This company needs to be tightened up and, starting immediately, improving on delivery, whether that be revenue, task management, forecasting and expense control. THERE IS CURRENTLY NO CONFIDENCE IN THE MANAGEMENT OF THIS COMPANY TO GET US OUT OF THIS HOLE AND THE CURRENT SHARE PRICE CONFIRMS THIS. BLG has been nothing more that a capital chewing machine and needs to restore confidence to its existing shareholders, as its No. 1 priority. "Nike it".

No 'Sentiment' and sadly, 'Held'