Ann: Business Update, page-36

Thanks to all for your input to date.

As many of you have noted, it is puzzling and disappointing that guidance was not close to being met despite being reaffirmed late in the year. How on earth are we supposed to believe in future guidance?

The caveat of "extreme weather" from the December announcement didn't apply, but instead it's due to "slower than anticipated government action". I could understand that government delays make a 1 or 2 year forecast challenging, but one month? Please. The company have been dealing with the same governments for an extended period. This is not an new or unknown risk, yet appears to either be poorly mitigated

Then there's the commentary that some of the projects are moved to 2020. I guess of course this could be later if there are more "government delays".

Over the last 6 months many posters have debated various issues, the director sell down, the "strategic" sale of shares (yeah mate, strategic to who?), the equivocal language used in reporting, the lack of transparency around figures, the unrelenting decline in SP, the recent announcement showing a boat on a lake. Now we can add missed targets despite reassurance.

I took the time to email investor relations a few months back seeking some clarity on some of these issues. The response I got eventually could be best framed as passive-aggressive, verging on rude and avoided the issues raised. I probably should have seen that for the red flag that it was.

Anyway, I'm still hopeful that a company which has such clear environmental benefits can improve its performance on a number of fronts. Good luck to all.