Ann: Update regarding CYCL dispute and Director Loans, page-2

Geez the seemingly bottomless pit of decisions past......arguably CYCL was the business that had the Reach application and that seems to be the growth area although hard to know what that number is now given they don't break this out

CYCL did earn the 1st earnout to Dec20 which needed 30% growth, but this 2nd earnout has reduced materially.....was meant to be ~10.3m based on 69% growth over 2 years, and they are now paying ~1.1m so materially less than initially planned

The other contingent payable is Bindtuning.....Dec23 will be 2 years and that remaining payment is USD9.46m.....goes to show at what silly multiples these companies were valued at (multiples of ARR)

Will be interesting to see what cash remains at 30June2023....they had ~8.4m at Mar23 after drawing down the full 10m loan. Also lets see how the market reacts to all of this.....no guidance so you would have to assume performance continues to be a challenge, but it all depends on whether revenues have stabilised or they have continued to lose clients