Ann: Spectur Update R&D tax return advance, page-9

If this board of directors had any faith that their cashflow for Q2 was sound, they would never have used this facility. This is obvious.

Terms of the facility
16% p.a. Described as a "relatively low interest cost". Yes in total dollar amount, however considering the current investment grade corporate bond yield to maturity in Australia is 5.04% and the high yield (junk bond) yield to maturity is 7.03% This could never be described by any measure as cheap or "low cost". It is not.

They raised their claimed required capital in the Shortfall Placement, yet they opted for this high cost debt. Why? (I think we all know the answer to this)

Clearly, they have zero discipline in capital management and zero ability to control costs commensurate with their actual sales.

One off costs
Audit fees
Tax and consultant fees
Insurances.

THESE ARE NOT ONE OFF COSTS

They occur every single year without fail. Yet they have never been able to stop using them as an excuse for losses.

And here it is folks...
The ever so reliable go-to excuse to soften investors up for another (yet another) weak quarterly cashflow. A reliable and often used excuse for sales growth under performance too.

It is also noted that there is increased downwards pressure in both capital and broader markets withpersistent inflation and interest rates, increasing geopolitical risks and global share market volatility.This can have an impact on buyer sentiment, even within government and utility customers, which canlead to delays in project awards and other negative consequences.

If Dyson and Cooper were so confident in their EBITDA forecasts, then why on earth did they feel the need to give shareholders this, above mentioned warning about the risks to sales and cashflow in this "conservative" decision? WHY? (I think we all know the answer to this too)

When will shareholders take an objective approach to their investment and hold leadership to account? When will the REM report be voted down in the AGM at the very least? When is it time to remove this leadership team to protect your investment?