Ann: Recapitalisation Transaction, page-11

Rivas leveraged the company with short term debt to overpay for PDLs. There was also the questionable $8.5m investment in Volt Bank.

The blame doesn't solely rest on the shoulders of Rivas. The Chairman as well as the rest of the Board and ELT must also shoulder some of the responsibility, but there is little doubt in my mind that the risk was largely driven by Rivas – risk that ultimately blew up in the Company's face.

I support the new strategy adopted by the Board and ELT, and I am eager to see how well they are able to implement and execute it. There is a lot of work to be done to regain the confidence of shareholders and potential investors.