Ann: Results of Meeting, page-3

It is unlikely that anyone will be surprised by this outcome given the concentration of voting power - a situation which is by no means unique to CLZ.

Whether the successful passage of these resolutions provides CLZ with an opportunity to implement strategies which ensure greater responsibility, accountability, transparency and integrity, and consistently deliver outcomes which are in the best interest of shareholders, remains to be seen.

Setting aside any personal grievances individuals may have (e.g. offering opportunities to young people can be a good initiative provided such initiatives are fair and reasonable, skills are matched to take, and do not give rise to conflicts of interest), given shareholder sentiment I would strongly recommend CLZ engage an independent forensic accountant to review transactions over the past five years and report the outcomes, including any issues identified and any recommend remediation measures, to both ASIC and shareholders.

There is clearly significant shareholder concern regarding the conduct of the business, its directors and management which has so far not been adequately addressed. Should CLZ fail to initiate such a review voluntarily there is a risk that this process may be imposed upon them them via other means. The Board and management will at that point lose control of the narrative and potentially be exposed to more substantial outcomes should any impropriety be identified (perhaps a consequence of independent interpretation).

In the absence of the delivery of meaningful outcomes for current and prospective shareholders in the near term, at least those that seek to legitimately benefit from business endeavours, shares will continue to be perceived as having limited or no effective market value. On that basis how long will CLZ be able to remain solvent given looming creditor obligations which will be unlikely to be satisfied with further share issues?