Ann: Appendix 4C Quarterly Report, page-5

Well it's too late for me but I hope you and other holders can get square.

Up to last Thursday 6.5m shares turned over for the whole year. Last Thursday 1m and then today 2.7m traded.

No idea what has sparked the move but as you point out it is quite illiquid and just 3 years ago it was trading for $0.02

I participated in the last cap raise just to give Ian a run for his money but he outranks me by a long way. At the time he said he had no plans to go private and was working on the new strategy of digital/video production.

You may have seen these lines in the half yearly? It may be the reason for Phoenix Rising.

Dentsu Mitchell Media Dispute

This dispute remains ongoing and the Court has set dates for evidence to be provided by Dentsu in April 2019. While attempts have been made to mediate they have been largely unsuccessful and Adcorp remains committed to vigorously pursuing this matter.

Whatever the reason, I hope it is sustained and all holders get a bit of relief.

cheers