Ann: Quarterly Activities/Appendix 4C Cash Flow Report, page-8

I do know that at least two former senior staff are now operating as independent consultants. I can only assume that they have therefore moved on. We don't cross over so I don't know them.

Whether they resigned or not, I couldn't tell you.

It wouldn't be that unexpected for high senior staff attrition given the major changes to the business model and objective. That isn't a major concern. The lack of growth however is very concerning as it indicates whatever they have streamlined into isn't generating any return in growth or profitability. You only have to look at the AER report to see how many customers other embedded network operators are adding every quarter - I use that as a performance benchmark.

The AER reporting issue is also concerning. This is either a deliberate reporting trick to hide real customers from the regulator, or shareholders, or they have under skilled staff dealing with their compliance obligations.

Whether the customers are on market (the method LPE exited in 2022) or off market (the embedded network option), where LPE issues a tax invoice to a customer for the sale of energy, that customer must be reported in the customer numbers to the regulator as they are selling as an authorised retailer (which they clearly have confirmed in the new website marketing blurb).

so either they have 5 customers (I hope not!) or they've stuffed up.

Either way, the anomaly is a significant enough breach of retail license obligations that we could end up seeing another large AER imposed fine down the line.

This business has great prospects given the sector they're in! How it is all going so wrong (in my opinion) is staggering. Feels like a game of monopoly. They've sold all their houses and mortgaged all their cards.