Ann: Consistent Progress for Vonex Retail, Wholesale and Oper8tor, page-7

I have to disagree with your comment that 'getting back to investors and shareholders is not a strong point for this group'. I have found Matt and team to be responsive and forthright when I have contacted with questions following announcements.

It also seems that $1.4 million worth of institutional investors disagree with your snipe that 'when it comes to promoting and running the company I think that he is probably struggling'. These kinds of investors are pretty good judges of character, capability and value.

From what I can tell, Matt's industry experience and understanding of the channel were a key part of Vonex managing to list on the ASX, and are now seeing him grow and improve the business organically and by acquisition.

I'm not sure that ST1's acquisition strategy is an apples-for-apples comparison, since Spirit seems to be paying pretty ritzy valuation multiples for businesses in verticals away from VN8's target industries, and having a market cap 5x that of Vonex means their pipeline of M&A hits and misses will differ from Vonex's.

Re Oper8tor I agree the market at this point deserves some clarity on the path forward - I will reserve judgement there until we hear what Ragnar has been up to (presumably with the 4C).

GLTAH and DYOR.