Ann: Dates for First Half FY24 Results & Investor Webinar, page-6

Thanks for the response, always great reading your contributions. We have had our discussions of SP vs business performance, I know that yourself are in the camp of the opinion that "if the business does well - SP will follow", however in my opinion - the business did not do well.

BOD had squandered an opportunity to create value through negotiation of favourable T&Cs of that JV, responsibility over favourable negotiations is the core function of the management, hence the business didn't do well, and it did so in secrecy (!) due to lack of transparency (to this day) behind the JV conditions.

To the surprise of many, including myself, even in the infancy of the Zoleo investment Mr Market was not convinced by the JV and gradually saw that it was not scaling in BCC's favor, hence there was no SP appreciation. The JV was/is clearly crippling BCC's growth rather than leading to the material creation of value.

This takes us to present day where those failures of the past continue to impact the present, because now BCC has found itself in an arbitration process, administration of which is costing BCC majority of its surplus cashflows. The forecast of those 'inventory to sales' cashflows was sold to the shareholders many times by the management as the catalyst that was going to lead to SP appreciation in the past, yet the failures of the management took them away as well. Again the business is not doing well, it is still paying dearly for the mistakes of the past.

This is where I think it is important to draw a distinction behind the failures in strategic space that were caused by the errors of the management and the operational performance of the business (which has been exceptional), hence my comments around the BOD makeup.

This may be harsh but I believe it is objective and factual. I also agree with you that the arbitration process is the pivotal point for BCC as it seems that there is little to nothing else going on in the immediate future (all that internal labour assigned to this arbitration process on top of the consultant / reported figures is really serious).

As one of the holders said when the arbitration news were announced: "Nobody benefits in the divorce, except for the lawyers". Well if this arbitration process drags much longer BCC will sink $4-5M and more in costs to possibly end up in a position of major dilution to acquire rights to annual recurring revenue that may not maintain the same levels and never provide sufficient IRR.

Anyhow this is somewhat long-winded way to say that BCC shareholders were failed by its management and that we (SHs) have been paying for undoing that failure for the past 4 years without an end in sight, hence why I am of the opinion that the business has not been doing well.