Ann: Austex Presentation 4 September 2023, page-4

I thought the same at 7.5c on the basis of the asset quality.

It has since halved due to a massively diluting rights issue and poor strategy.

Even the bargain basin rights issue investors are down 30%. The decision by shareholders not to participate was fully vindicated unfortunately.

The ongoing problem is a lot of unhappy IPO shareholders that will provide ongoing sell side pressure along with the wall of 10c options.

It is hard to fathom how poorly this has performed.

Regrettably it is entirely conceivable, indeed probable, that another diluting capital raise may be in the wings in the not too distant future or an acquisition which proves to be of poor value entered into in desperation.

It will take some significant results to float this sunken hulk.