Ann: CEO Letter to Shareholders, page-7

DalyWaters

While you are entitled to your view and most of your post is factual, I think it is worth pointing out that you are incorrect in terms of the capital raising being used to dilute the votes at the AGM. Firstly, if shareholders all participate in the capital raise then they cannot be diluted. But most importantly the AGM happened before the capital raise was completed, so there was no impact from the capital raise on the AGM at all. Also, proxy votes are less than half the total votes at the AGM, and proxy votes were already against a spill motion. So you are incorrect on several fronts here.

There are plenty of reasons to be critical of this board, and I certainly wouldn't hold that against you. But I think it is important not to disseminate false information.