Ann: Response to ASX Query Letter, page-37

I really do disagree with these comments. Yes, they have made progress, but at substantial cost? Certainly not gains in terms of the market cap, share price and dilution.
Ask yourself, have they maximized shareholder value and ownership to get from the backdoor listing to the current position and predicament? I think any reasonable person would struggle to make that case.
People on this forum were applauding them for the recent raising announcement at 12c which I still find astonishing. If they had of outlined the current position and said from the start they would be offering capital at a premium at 12cps how many people would have taken up the initial offering? That's the question you should be asking if you want to judge the director's performance to date.

Anyone can raise money, spend it and make progress, but it's returning value to shareholders that ultimately counts.