Ann: Quarterly Activities/Appendix 4C Cash Flow Report, page-111

Hey Kev,

Firstly, I didn't see yesterday coming. Not blinkered, just seemed like support was holding and vol had dried up. So, second, I guess you're directing the soaking and support comment at me. That's okay. I stand by what I said. The high volume smackdown post-Q was accommodated between 18 -19 cents. Reasonably liquid bid support did come in below that. Selling did dry up.

Then half an hour before close yesterday we get another smackdown - $20k as you say. Not a lot in the scheme of things. Now there appear to be bids coming in below that. Will this get hit as well? And a reasonably hefty Ask of 355k @ 16.5 cents, just out of reach.

And what to make of it if it does? The scenarios seem limited in the context of whether the company is in trouble, or not. Someone losing patience and exiting. Someone with visibility, or a hunch, into ACV and not liking what they see. Someone with an interest and the wherewithal to smack it down, sow a bit of panic, for purposes of accumulation. Someone who knows a CR might be on the way and acting accordingly. Or just some holders seeing better opportunity elsewhere. Panicky retail?

I can only speculate. Having previously been caught in the trap of confirmation bias on other stocks, I now make every effort to see things objectively and make decisions based on how I think things are going.

No, I don't like what's happened. And yes, I do think Ian needs to step up and better explain the lag between ACV and cash receipts. The statement about it smoothing out in time first appeared in the Oct 21 Q. That's going on 18 months. Begs the question, how long is 'in time?'

With hindsight, the decision to delay ACV update was strategically wrong. Ian must have known it wouldn't be well-received. Presumably the positives outweighed what has proved to be a significant negative hit to sentiment, confidence and the SP. Which, to my way of thinking, means he must have had reasons for doing so.

Either that or it was just a just perfect cluster of events which proved the perfect opportunity for interested players to pounce.

Guess we're going to find out. Could be a long couple of weeks before we get some clarity from management.