Ann: Managing Director Address to Shareholders, page-6

Unfortunately I missed the presentation live but I saw in slide 19 in the pack in the shareholder proposition they say "Current expansion fully funded". Did they reaffirm that in their remarks... and does that mean "no more capital raisings" or "fully funded through more capital raisings". If it is the former, great. If the latter, it ain't much of a shareholder proposition. (Incidentally, some nice protest vote numbers there... yeah, those resolutions were always going to pass, but the No votes were not insignificant rounding errors. Hopefully the message is understood).

On an earlier slide it says "financial performance over the last three years has been suppressed as we invested ahead of sales". If we scrape away the corporate bs, are they therefore saying "our focus is on making money now, not spending all of it"?

But if I'm to read that slide deck on face value, it gives the impression that we are moving into a new phase of a focus on consistent revenue and bottom line growth, and seeing some reward for the slow investment years (and painful raisings). I hope that's the case, because the market has the measure of GRB now, and that share price is not moving significantly until the market sees at least 12 months of growth without dilution.