Some interesting observations from the Annual Report: 1. There are some quite big number of shares vesting on 28 Feb 2025 and 1 Mar 2025. All related to Employee Plan Shares. 2. LDA Capital Agreement - another 40 Million shares to be issued prior 30Jun2025. There were lots of shares issued to LDA in 2024. Agreement also extended with increase to A$140mn as announced. 3. DIrector holdings are minimal, only Co Founder Peter Van Der Made has anything substantial. Other co-founder looks sold out Feb 2025 (not sure if all but less than Substantial holder). 4. NTA per share has been volatile and fluctuating but is decreasing, current 0.96c (less than 1c?)....decreasing trend means Intangibles are being written off past 5 years. Not much revenue unfortunately US$0.40M.
BRN Price at posting:
25.8¢ Sentiment: Hold Disclosure: Not Held
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