Ann: Results of Meeting, page-78

I'm sticking by my consistent view that the mkt cap of this company should be about 75% of its true net cash. This is because in my view the company has not demonstrated a believable business plan/ path to sustainable profit; and unwinding current arrangements will cost cash. There is some value in the shell. So, I reckeon 75% of true net cash (after current liabilities) is about right. If Alex discovers a one-pill cure for cancer, then happy to reassess, but right now, I simply can't see their sales forecast being delivered, and I don't see the point of this entity existing - it had a story in the old "Internet of Things" days, but this is no longer a company or management team with IOT relevance or capability. Of course, I'm sure others will have a different view, and that's all fine - it's a marketplace.