Ann: Investee Advent - Commissions Environmental Review, page-8

If you had been following the actions of MMR since Nov 2016 there have been 16 board changes that acted in such a manner that the incoming directors and senior executives avoided scrutiny by the shareholders.

I could accuse you of being one eyed during that period, or even one of them, but who cares?

However facts are facts the loss of the PDF was nothing to do with the current leadership.

If you read the Notice of Revocation by the Department of Industry, Science, Energy and Resources.

Which is available in full on the Hot Copper Site

Reasons forRevocation Extract

The Committee has cited two core reasons for their decision being;

• On 5 September 2019 the then MEC Board entered into a series of investments into technology

investee, Claratti. MEC did not proceed with this investment. . In reviewing the initial investment

made by the previousMEC Board into Claratti the Committee formed the view that the Company had contravened various sections of the PDF Act. Specifically, the Committee noted that MEC entered into four (4) transactions in Intelligent IP Hosting Pty Ltd trading as Claratti Workspace (“Claratti”) which contravened ss19(1), 27, 27A of the PDF Act on nine (9) occasions and;

• On eight (8) occasions MEC failed to notify the Committee of events affecting information previously given in contravention of ss42(2)(a), (c), (k) of the PDF Act over theperiod from 24 July 2018 to 31July 2020.

So the blame must lie with the board of MEC holding office during that period.

The current MD has recently tried to appeal this decision.

Your other suggestion is that MMR should bring action against the Current Advent Board for loosing this key asset. ( PEP 11) Even going to so far as to suggest that the MEC Shareholders start a class action against ADVENT.

All the problems that have arisen were a result of the actions of the Board Members between Nov 2016 and August 2019.

Perhaps before you continue to make wild suggestions you should research and read the findings of the WA Industrial Board – Breach of the Corporations act ( Oct 2020) concerning MEC Resource Breach of the Corporations Act/ Fiduciary Duty. There are findings against certain people that would not look well on their resumes.

Being a layman, I would think that all actions by board members of MEC from November 2016 until David Breeze’s removal from the board until he was re-instated that cost shareholders money should also be revoked, and the perpetrators of these clandestine actions be made to compensate those who were shareholders on and prior to the 24^th November 2016

Cheers RogerD