Ann: De.mem Announces A$3M Placement, page-7

Mate, I am not sure Pathfinder Funds participated this round of capital raising. The reason is because there was a announcement on 22/07/2022 titled as " Notice of change of interests of substantial holder", which claims that Pathfinder Asset Management Limited, and its related bodies corporate listed in Annexure A, and each of Gough Investments Limited and Alvarium RE Limited has increased voting power to 6.21%. But in today's investor's presentation page 20, it states that Pathfinder Asset Management has 4% of the register.

At some time i thought it might be Pathfinder has a few accounts such as listed in the announcement, but in page 20 of the presentation, it also clearly states that "other institutional shareholders" has 2% of the register. If the other institutional shareholders literally point to the related bodies of pathfinder, the number sums up roughly. But if the other institutional shareholders point to other funds, it might be Pathfinder has changed their perception of this company.

Whatever who take the new shares, Board & Management Shareholding has 2% of the register as the investor's presentation disclosed. That is a really low holding for a company's insiders, who obviously lack serious skin in the games. I hope we retailer shareholders should speak up in the coming annual meeting.