Ann: Update on non-binding indicative proposal, page-10

The Japara board are a bunch of duds, after many years of poor corporate governance and financial management which lead to many public scandals and the resignation of the CEO and Founder and the share price declining from a peak of $3.40 all the way to around a $1 pre-Covid and down to $0.36 during Covid-19 lockdowns they simply blamed Government funding and Covid-19 for their issues and awarded themselves huge performance bonuses based on a share price which was at a record low. They will all gladly pocket multiple times on their money now when they accept whatever price they get as the "best offer". It never has occurred to them they could simply not sell the company as they want to bank the free money from their performance options and move on.

The best hope for long term Japara shareholders is that there is a competitive offer process with the likes of HealthCo and Apollo getting into the mix which drives a better price outcome. Holding for now and waiting to see how this one pans out as I am already up 130% at this point.