Ann: Strategic Review & Corporate Update, page-3

Interesting to see a sizeable cross-trade go through today at 4.95c for ~2m units ($100,000 AUD). I suspect it is the #1 shareholder buying (Capital H), and probably the #2 shareholder (HUB) selling, given they are a legacy shareholder from the pre-2020 era who are underwater (pre James Kruger as Chair). We'll find out soon enough with an ASX substantial shareholder notice. Hopefully this marks the bottom. The share price chart does seem to be forming a base/bottom here around 5c, but it is possibly too early to tell. A pause in rates (and eventually a pivot) will breathe some life into higher-risk asset classes, such as VC, and there could be a solid bounce back to say 7c or so (that would be a 22% discount to 9c NTA versus 45% currently at 5c). BTI made a great announcement today, and its NTA discount has started to close from -33% to around -22%) following the low on the 29th of May 2023 (historically BTI has traded at an NTA premium). PVL also traded at a premium to NTA across most of 2021.