Ann: Results of Meeting, page-12

I was on the AGM call and didn't really understand the answer to your question.

Also post changes to AASB 16 leases are "capitalized" as a "right to use" asset and then amortized with an interest component.... result what used to be "operating" rent expense is magically converted into interest and amortization expense - which is not included in EBTIDA.....

For law firms where the office expense is one of the major outgoing moving lease payments "below the line" will really boost EBITDA...

It also distorts the cash flow statement - refer p 25 of annual report - cash flows from operations $1,040k. Cash from financing - payments of lease liabilities ($1,090k). Pre AASB 16 the $1,090k would be an operating cash flow - and rightly so in my view - and the company would be show $50k negative cash flow from operations.

In any event, the company is where it is and as noted above, in my very humble view, probably been over sold. Time will tell if my humble view is correct or not.

Best

BSP

NFA, DYOR, GLTAH