Ann: Appendix 4E and Audited 2017 Financial Report, page-35

Interesting reading through the 'post announcement' threads, apart from a select distractive few that are in my ‘ignore’ list. It took a while but it finally came through that the actual payments to management was NOT the $11mill first shouted out loud. The actual drawing of funds out of the SAS bank account was $587,529 in wages / salaries with the additional $943,067 in assorted fees for director and consulting agreements.

All in all pretty fair for a $140+MC company. Anyone begrudging this level of remuneration for the company really should not be investing in it as they clearly do not ‘get it’! I won’t get into the scenario down the road when the company has a staffing level well under 100 and an annual turnover in excess of $1Billion. This company will ultimately have one of the highest $ income per employee ratio than any company I know of!

This company was set-up (very well IMO) to reward fairly on a progress and performance basis. As more milestones are met, so does the recognition in the form or remuneration and share options.

I might add that to my knowledge we have NOT yet seen any directors sell any shares. If they had, we would have been notified within 14 days of said transactions as required by the ASX & ASIC.

Sometime soon we will be advised of a CR to fund the first batch of nanosats. I have no idea how this will be done. Suffice to say there will be shares issued in lieu of funds raised.

Personally, I’d prefer the share price to be higher than it is now. The higher the share price for the CR, the fewer the shares needed, resulting in less dilution. We hit 28c with relative ease and have since been consistently distanced below that in a 19.5 – 21c price range.

Yes, you might consider the current share price to be pretty good for a $140+mil company that is yet to generate income. But I believe this is NOT your average company that you can compare to any other listed ASX company. The potential return on investment is simply staggering and as such IMO warrants a higher price than we have at this particular time of the company’s development.

There are many important conventions, conferences and other assorted talkfests that we are participating in. I am sure the story is getting across to many important people in the space industry. I just wonder what exposure SAS is getting in the area where the REAL money is, money that we require to get this project up and running with minimal dilution.

Announcements of deals being struck that put us in good stead for the future, are all part of the progress and business building. I sense however, that they is too much reliance on these milestone announcements and inter space related talkfests with too little added ‘selling’, marketing & promotion being done to reinforce these milestones. I say that simply due to the apparent stagnation of the share price over a period that should have seen more positive movement, especially following the successful launch and subsequent positive announcements of the 3D's performance and confirmed deals.

As I am fully supportive of the management, this is in no way a criticism of the company, merely my personal observation. Ramping the share price up is one thing actively marketing and promoting to those with coin in their pockets to get this happening is another.
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