Ann: June 2022 Quarterly Report and Appendix 5B, page-12

VBS have been big holders of AZI for a while so know what they are sitting on and see the same potential many of us see. At the last capital raising they mopped up the excess shares on offer at 6c to take them to just below the threshold where they were required to formally make a takeover offer. To buy above 20% required that. Now they are at around 40%, we will have to wait and see if they will want to continue to increase their holding; if so I believe they will be required by law to announce a further TO bid.