Ann: FY24 Results Investor Presentation, page-23

I know lots of people in the industry, directly and indirectly. Joe's reputation proceeds him in the industry - which is going to make it impossible imo for his to successfully run 5GN as it currently sits in any kind of long term organic growth business.

If 5GN had a CEO who was committed to delivering the best return for shareholders they'd either:

a) Wrap it up on a fair market valuation and return the $$ to shareholders if either they couldn't see a way to profitability or there was an offer on the table that was at a premium to fair value over a longer horizon.

b) If there was a pathway to profit, including via further M&A and integration you'd put in place a growth leadership team and return value to shareholders through capital growth.

The issue is the CEO is solely dedicated to self-interest, so the motivation becomes the fastest pathway for him to realise maximum benefit. Which is the plan on the table.

Joe is never going to cede control and put the long term value of his holding in the hands of a new management team doing a turn-around. Right now his total shareholding is worth about $9M less tax on liquidation. I think he has a number in his head that he'll be working to in his plan that will be substantially more than the value of the current holding and gives him a fast exit and realisation of value.