Ann: Appendix 4C Quarterly Cashflow Report and Commentary, page-146

as an FYI jonathan pager has a terrible track record with ASX companies and is only a NED. They literally spend a couple of hours a month on company agenda and go through meeting notes.... I know as I am a NED on 2 boards. They are not actively involved in day to day.. HCT Australia doesn't have a business that is a fact so Pager is useless unless he can flip the BS collagen assets or spin something else into or out of HCT. basically APAC has no operation.....

If anything it seems the structure might pivot so they can legally bankrupt themselves get out of debt and move on to another structure ... so to speak. seems like a confuse the forensic accounting firm chase.....