Ann: Consistent Progress for Vonex Retail, Wholesale and Oper8tor, page-6

To be honest guys the management of the company are the reason this company is trading where it is. They lack experience and keep making basic blunders. We need to look at replacing the board with experienced oper8tors that know how to run a public company. Matt is a good COO but when it comes to promoting and running the company I think that he is probably struggling. Nick and David have done their job and really need to do the right thing by the company in looking for more experienced management that can really deliver the results in this company. Just simple things like getting back to investors and shareholders which is not a strong point for this group. Every phone call should be used as a opportunity to promote the company and its potential. I agree with Bobby75 in that this company never seems to be able to say what the figures are actually. It is all hidden in weird terminology.
Oper8tor has been in a testing phase for over 12 months now. 12 months ago it was being tested by a third party which following that they were going to make some small changes. 12 months later we are still in a testing stage. Who is driving this? Who on the board has the ability to see what is really actually happening and what needs to be done to commercialise this. Supposedly Ragnar capital are looking at helping the company commercialise this. That was three months ago. Where are they at with this process? One of the things that keep getting spoken about is the spinning out of Oper8tor but the only reason I can see they would want to do this is so they can get issued their performance shares. Problem is they have not achieved their milestones. Why should us shareholders get diluted in VN8 unless they meet their milestones. If the company does go along the path of wanting to spin out oper8tor then they should not be issued with their shares until the milestones are reached. Also their should be a time limit put on to the performance shares. These performance shares are a stone hanging over the shareholders head and were issued without much thought to the affect on the company and its shareholders moving forward. Just another inexperienced action by the board. If you look at the requirements at the ASX now puts in for performance shares these would not be able to be issued these days. I think if the board really wanted to look after the shareholders it would look at how the performance shares are structured and look at changing them to reflect how the company has performed. Maybe cancel the performance shares and put more realistic ones in place.
This company has so much potential but is struggling. A more experienced management team would be a good step forward in helping us shareholders realise our value. But that requires the current board to realise that for the best for the company is to look for a more experienced team.

We have done one transaction in 2 years. ST1 have done 6 transactions in 12 months. ST1 how have a market capitalisation of over $100 million which now puts them on the radar of a lot more sophisticated investors.

My Opinion Only