Ann: Extension to Voluntary Suspension, page-11

Hope you all are doing well, and having a great time with friends and family this Christmas.

Disappointing events yet again, and nothing from management. Cannot figure out whether it's the company choosing to remain silent or they know that nothing would pass through the ASX gatekeepers while this saga is going in, hence they haven't bothered. Either ways, ultimately the shareholders are suffering.

Lots of speculation again...that's what happens when there are no updates. Personally I see two scenarios playing behind the scenes...nothing new, most of this is already covered, just sharing my 2c that's all.

scenario#1) the company is doomed, next step is delisting and/or VA
Evidence supporting this:
- no interest from the company to update the shareholders...sort of don't care attitude
- the TH which started as 2 days is now upto 3 months...is the material JV that big/complex to take up this much time? I don't think so, even after considering all the old JV related issues
- company's website suspended
- no AGM notice yet
- Michael and Gu gone from Sayris Capital advisors list...great pickup @Protagonist and @Deanostock
- too many coincidences in a short period of time
- last but not least, the company is fed-up with ASX processes and want to go to another exchange

scenario#2) the company is doing well behind the scenes...the delays are because of old JV(s) related issues and/or lack of full details/direction on the new JV and/or ASX teaching the company as lesson for poor communication style
Evidence supporting this:
- per different sources here, ASX is driving the timeline of extensions. we went from monthly extensions to bi-weekly extensions now (3 weeks this time, but holidays in play), so are we closer to finishing this re-compliance exercise?
- both audited annual report and quarterly were out as per the (extended) deadlines, and no big red flags in either. Instead, a big increase in QoQ revenue
- plenty of cash in bank and no obvious distress signals in my eyes
-  the company spent cash reducing debt (only a small bit remaining)...why would they do this if they want to pack their bags?
- positive assurance from the chairman
- could Michael and Gu out of the Sayris Capital advisors list means something else/positive coming up, and this is for avoidance of conflict of interest?

On balance, I am cautiously optimistic that we will be out of suspension in Jan. I too have thought many times whether I got caught in a scam, but below points gave me some comfort

- I haven't seen exorbitant salaries or financial frauds
- The revenue figures are real numbers. Even if we don't trust the company, the independent auditors have some (yeh yeh, no one likes auditors) standards set by ASIC/Aus regulatory bodies
- Why the company would spend all the time and $170k on the auditors a month ago if they are thinking about going into VA
- Why the chairman would give positive assurance as this could be used against him publicly
- Why the Singapore govt. officials and ministers would visit a scammy company
- Last but not least, if the company is in distress why they would ask for a TH to announce a new JV. Why not simply stay silent with 4mil cash in the bank (probably the largest cash pile in the recent years), run as BAU, show the revenue/expenses, draw salaries, use up all the funds in bank, raise capital again, then rinse and repeat

I might be wrong, such is life when investing/punting in nano caps. 3 months suspension feels eternity, there are many examples of companies in similar situation that went down the drain, but there are plenty of examples too where companies came out at the other end strong after 1yr+ suspension. It all depends on news, how the company handles shareholders' confidence. I am staying positive for 2022 until I see the company declaring that they are hanging their coats off for good.

All IMO, please DYOR

Once again, wish you all a Merry Christmas and a Happy New Year. May the new year brings more returns for all of you and more importantly we all are healthy in this mad new world!