Ann: Trading Halt, page-5

Been a while since I've commented.

Was quite unwell during most of January.

Thankful I'm supported by the Australian healthcare system and not the US.

But also just watching my investment drop further and further in 2025.

• The first sentence states the Trading Halt has been requested by MDR, not the ASX, so today's LOI announcement is compliant with listing rules.
• Q3 investor webinar reiterates $93M - $99M revenue for FY25 (25% to 30% drop from previous FY)
• Share price was 40c June 30 last year, now 10c (75% drop)
• I agree with Management that $60M market cap with ~$100M revenue does not reflect the true value of both US and ANZ businesses.
• They communicated this claim last year when the share price was much higher. If the market was to believe their words, their actions should have been to buy on market.
• Only with the CR at 10c are they choosing to participate with money from their own pockets.
• Both the institutional and retail raise is not underwritten. They received $5M from investors and suspect any shortfall from retail would be offered to institutions.
• A SPP is always manipulated by the larger holders and it's possible Management couldn't influence them to stop the shuffle under 10c so their hand was forced to publish today's news.
• Which isn't really new news, it was referenced by Rick during the webinar, there has been commercial interest in some areas of the business.
• FY26 should see a 15% increase on FY25, so inching back up to FY24's $122M revenues.
• MDR has always been waaaay over indexed with staff costs compared to other healthcare co's.
• As stated in the webinar, it looks like the late timing of health programs in ANZ impacting Q3 revenue has been recovered in April with $2.9M. ANZ should get $25.5M for FY25.
• ANZ may then be on track for $30M+ in FY26, with any acquiring party needing to pay a much higher premium to this.
• Is Cotiviti the interested party? They fit the brief of multinational with presence in Australia.
• They are a large shareholder in MedAdvisor, so if they've had 'informal/non-binding' interest in ANZ, it's in their interest to hold the share price down.
• Best case scenario for holders is a bidding war from outside entities and I'd be surprised if WES or SIG don't start poking around.