Ann: FY22 Q2 Quarterly Activities Report and Appendix 4C, page-68

Yeah it sounds completely dodgy to me, potentially bordering on fraud, and is yet more evidence that Karl needs to go. Even if it is the opportunity of a lifetime (which it definitely isn’t), he should have avoided it due to the obvious conflicts involved. And beyond that, if he absolutely had to do it, he should have thrown $100K at it, not $1m when the company has less than $12m in the bank net of debts.

It’s just yet another clear example of Karl being terrible with the company’s money. None of the acquisitions that he has made have been terrible, but each and every time (including BindTuning) he has paid way way too much for them and demonstrated that he has no financial discipline whatsoever. He simply cannot be trusted with shareholders funds.

I don’t think there’s any way in hell he can avoid getting a second strike on the Remuneration Report at the AGM this year which leaves two questions:
- Will shareholders subsequently vote to get rid of Karl and Peter (clearly this needs to happen in order for the company to have any chance of future success)?
- Does Karl actually already expect this to happen and he’s just trying to wreck the place on the way out (it sure looks like it based on this ridiculous My Net Zero transaction)?