Ann: Appendix 4E and Annual Report, page-39

Today DroneShield (ASXRO) released its full-year results for FY23. It was a year of records, once again, for the counter-drone defence company.We’re very glad our recommendation delivered some great returns to the scorecard from the then-share price of 18 cents to around 87 cents now. To some extent, we can say the share price gain was a result of its business growth but it is also true today’s share price includes a much higher level of expectations for the company’s future growth. Another aspect that caught our attention was that its operating expenses are surging fairly fast. With all these considerations, we have decided to part ways with DroneShield. DroneShield moves to a Sell.