Ann: Scheme Meeting Results, page-32

I too am disappointed that an Australian company is going offshore. I too am disappointed that a company that I valued at just under $2.00 per share is selling at $1.10.

But, I was present at Tuesday's meeting and I had two very large takeaways:

Firstly, when the offer was first received, before they entered the exclusive "no shop" provisions of the scheme, the company's bankers did shop around (I think Justin Milne said 30 companies) and no better offer was received. This is significant. It indicates that the potential to succeed in the global market is not what we might believe it to be. Everyone is banking on 5G, and yet nobody else wanted to buy NTC in order to play in the market.

Secondly, I listened to David Stewart's answer to a fellow shareholder's question, and I asked myself what he and the other NEDs would gain by doing what many in this forum have suggested. The answer is nothing. Driving the share price down and seeking a buyer gives them nothing. They could have traded their shares above $1.10. David has a substantial passion for NetComm and the industry in Australia. He knows much more about this than we do. So, I refuse to believe that there was any skulduggery involved. It doesn't make sense to me.

So, I remain disappointed that my stocks didn't realise the value that I gave them. But I think that this is just the reality of global industry and sometimes the small fish get eaten by the larger ones. I have been investing in shares for decades and this is not the first time that I've been in this situation. It is sad. Sometimes being an ever smaller fish (a retail shareholder) is painful.

But some of the comments in this forum have been silly (Ms. Chan from UBS must be a Casa employee because she is Chinese) and many of them have been slanderous to the individuals involved. I get the passion, and I absolutely understand the disappointment, but I think that some of these arguments just tend to taint this forum, and all of us involved.

This afternoon, the Federal Court will make a final decision on the scheme. I guess that this just a process exercise and that it will rubber stamp the deal and that our shares get sold next week, regardless of what we think.