Ann: Market Update-AYB.AX, page-60

OK, I guess we expect different things before we consider a company as investor ready.

The challenge you will have with all directors being non-executive is there is no management team per se and the problem there is that if Directors perform executive duties they tend to over charge on a daily rate and that's can be expensive especially when a company doesn't have a cash-flow to support their billings and they take it in equity using a VWAP approach on a depressed share price company and up to 25% discount as can be allowed under the Corporations Act. Not to forget they have some ASX listing compliance to address as well before it can be traded again.

My preference would be for them to secure the business they intent pursing first including early funding, put in place the governance team and framework, put in place their management operational teams and have reporting locked down and show a pro-forma set of accounts for at least the next 12 months and have that as a baseline performance target for the company. Otherwise they are just using shareholders as mezzanine financiers at a ridiculously low rate (i.e. potentially zero) and no risk (i.e. shareholders can't secure assets or even Directors assets over their funding) and on this they are seeking to dilute shareholders to the tune of, up to, 600m shares at 2.5 cents (only raising $15m). Ouch.

So for me it would be a punt at best on the company pulling something out of the bag, on a dairy farm aggregation model. Sorry to be harsh.