Ann: Shareholder Letter from the Chairman-WGL.AX, page-71

Alright, I read the letter this morning when I got to work and re-read it now.

Personally, I found it underwhelming, it didn't clear up any of the confusion about when we might be ready to launch, what our plans are for other regions and what our next steps are as a company. In saying that, there is mention of "on going short-term news flow" so perhaps they are hesitant to commit based on their recent ability to deliver. Ha.

My understanding is that they tried to take a band-aid approach to getting the app working for their committed June 15 launch that meant they were in line with the exemption they'd been granted. This is a pretty poor move in my opinion, whenever organisations try to take this approach it inevitably ends in tears.

The pressure is now on, mandatory data retention rules have thrown a massive spanner in the works and Wangle need to prove that this is still a viable product to commercialise. In addition management need to prove that they have the ability to bring it to market without another one of these embarrassments.

I believe (based on Feb accounts) they've burned about $1M since Feb which is not insignificant, hopefully it wasn't all for nothing.

I'm 50/50 on this one now and will continue to hold but I won't be adding any more to my holdings after my buy at 4.5c in Nov. (avg 5c - so it hurts)

I will make this final point, we must not forget we are a startup and startups inevitably make mistakes it is how they learn and grow from them that really matters.