Ann: Q4 FY2020 Business Update and Appendix 4C, page-15

Ask yourself some simple questions.
- Do you expect a business to make a whole lot of new sales in Covid19 times?
- If you are raising capital for expansion when your balance sheet is health, is that a good thing?
- Do you expect improvements after a capital raise to occur in 6 mths, 12 mths, 18, or 24 mths?

I will say that perhaps many people are expecting a few big announcements but given covid19 times that things are slower than usual? Blue chip companies are scaling back while this little ALC is still maintaining a strong cash position.

The 4C is a good result.