Ann: Quarterly Update - March 2019, page-64

I remain undecided on LDN at this point in time; however lean towards the potential a new CEO will bring.

It is in fact not uncommon for a CEO to ‘retire’ early in the current business climate. This has been the case since at least 2001 and continues to evolve. A CEO who does not perform will invariable be saddled with having to move along.

These days A CEO is like a professional athlete or more specifically the coach of a NRL or AFL team - no performance improve the no contract renewal.

BRN is not LDN - the company will survive without him; if the product is right and they can find a ‘pipeline’ to revenue..

LDN has not achieved this. No umbrage towards him. He had a go. He may not have the required expertise/relationships to bring AKIDA to market. That’s the reality IMO.

So I am less concerned about a possible departure of LDN - he holds no magic formula for success. This has been demonstrated time and again -

AND

My bugbear with Lou is specifically how he has managed the relationship with SH. He has not demonstrated a desire to build relational capital with the SH. That is dinosaur thinking. We are in a new paradigm of communication - there is no excuse for the company not to be more open and transparent with investors. This will be to LDNs detriment I believe.

To add insult to injury - I can not see where the marketing budget spend has gone - if its all flights and accommodation and dinners at conferences and trade shows - I am baffled. BRN could have achieved more with a Twitter feed and some boosted FB activity. Get with the program BRN. You are lagging because the world does not know who or what you are.

Communication/Information/Data is the new oil. Get the info out there and people will come and have a look.

Rant over.

Happy Wednesday.

3P