Ann: Strategic Review & Corporate Update, page-2

Positive announcement. I appreciate the board's proactive, considered approach here. They have a portfolio of well-performing deep tech investments (Skykraft, Quantum Brilliance, Urbix, Cirrus Materials Science, etc) and the discount to NTA (~45%, 5c v 9c) seems to be largely a function of macro market sentiment as opposed to the teams' performance (steadily increasing NTA and low levels of cashburn). This announcement highlights that they are taking active steps to close that discount (5c share price v 9c NTA) before continuing with future plans (managed deep tech fund etc). There's (9-5)/5= 80% upside from current share price levels if they manage to close the NTA gap.