Ann: Convertible Notes Offering, page-35

Im a long-term shareholder and i believe they have the best management team and capital allocators in the business.

However, the issue with this is the total lack of transparency about what they are using the funds for. It is not good enough to say:

• "Funds will be used for general corporate purposes"
• CEO quote: "consistent with our strategy to maximise shareholder returns" (that is not a strategy!)
• CFO quote: "cementing a resilient and flexible balance sheet" (thats just waffle. The balance sheet is already resilient and flexible)

Shareholders deserve more respect than these generic comments. Especially considering they burnt significant shareholder value last time they entered into a convertible note. They may think they have learnt their lesson from that experience with some financial engineering, but the trouble with these instruments is that future events can play out in ways that are not expected, and that can lead to scenarios that may not have been contemplated. That is what happened last time around.