Ann: Progress Update H1 FY20, page-12

They announcedit, sure. But updates every six months is not enough. So how much more often do we need to hear it? A lot more! You’ve got to keep peopleengaged – regular news and updates on what’s going on in the business. Even if it is just an “everythingis on track with xyz project” is fine.

Theregularity of the communication to investors is what I am commenting on. Those examples I gave are some things in that announcement that they could have talked about – in presentations, updates to investors, with media, analysts and so on - without being super concerned about breaking ASX disclosure rules. (There are other things they could do too, but those were just obvious ones bc they were in the press release).

Thelack of communication in general is the concerning part. Sure there ismarketing they do at events etc, and the blog on the website, and their socialmedia – but that’s all consumer-aimed and doesn’t tell you much about thebusiness itself.

What about the holders? Some more corporate comms and investor relations wouldbe good to build profile among people wanting to invest in the business and seethat it is well-run, etc. Doing it over a long period of time builds confidence in the market that the business knows what it is doing. So when you serve up an announcement like today, damage is minimised.

I dothis kind of thing for a living. I can tell you what I see is amateur. Take itor leave it. ¯\_(ツ)_/¯