Ann: Appendix 4E and FY21 Financial Report, page-91

In answer to your query, “reasonable” and “commercial” take their ordinary meaning in any time frame appropriate to the circumstances, in this case generally determined by the market, shareholder disquiet and shareholder activism under Corporations Law against errant directors’ recalcitrance.

CDY’s historical facts of underperformance and failure to deliver on all fronts over an unreasonable time frame of more than a decade stand for themselves.

This is evidenced by the Board’s serious commercial debacles and failure to deliver on any of its core responsibilities including demonstrable solvency, sound management decisions, a growing share price (instead the sp has halved, and halved and halved and halved…), profitability, respect to shareholders concerns, an identifiable organisational structure and corporate transparency.

Shareholders have seen little or nothing of these standards from the incumbent Board nor from those before it under the same CEO.

That there has been no Board or CEO acknowledgement, admission, apology, rational comment or director resignation on account of these events or for the destruction of shareholder value under their watch underscores the chaos.