Ann: Letter to Shareholders, page-5

I think the directors of NTC have completely missed the point.

It's not about haggling over the price of the company.

It's about not selling it at all, and especially now, when there are excellent global 5G opportunities ahead for the company.

Look at companies like 5G Networks, from 40c to $1.40 just this year, and 5G technology is really only just getting starting.

And the independent valuers also missed the point, because they are unable to factor in future value, or the extent of the global 5G uptake, which makes a recommendation based on a current value pointless.

The directors of NTC just don't get it. They need to realise that shareholders don't want to sell the company, pure and simple, so just don't do it.

If the directors are old and tired, then they should let some young dynamic innovative Australian executives take over this great Australian telecommunications icon, not sell it out to a foreign entity, it's just Un-Australian.

The NTC directors have failed the shareholders. They should never have been holding discussions or looking for a takeover, they should never have even entertained it.

They should have been putting all their energy into board renewal, to identifying and bringing in the brightest and the best that Australia has to offer. Why weren't they doing this, is the question all shareholders need to ask !!!

The board completely misplaced their allegiances, and they misplaced the time and energy they have been spending on behalf of shareholders and themselves.

They should have been out there everyday, finding the best and brightest young Australian telecommunications executives they can to take the company forward. Why weren't they doing this?

The board failed.
The board bailed, it's a classic capitulation of character and grit and fortitude and vision.
It's no more than a weak surrender.

Gw