Ann: Voluntary Suspension, page-27

All,

It's in my nature to have wanted to write a eulogy of sorts for a while.

As I sit and watch the timeless swell pound against the shifting sand it has struck me that there will never be a better time than now, to check both the financial and emotional baggage of this investment decision deep into the hold of a slow boat to China.

Let's clear the air. This company hasn't done good by most measures. Whether that be it's equity investors, creditors, management, the ASX compliance team or even a boiler plate business ethics framework I can't find one positive apart from the charities who received our written off inventory. Thus, I would be in full support with anyone who took offence at me suggesting a eulogy for this fine example of cronie capitalism.

That's why this eulogy is for the holders and investment community, past or present. I know there's been some bitter debate on this forum as we slowly found ourselves fighting the autopilot destined for hells gates, however we need to remind each other that life is about the journey not the destination. It's been a pleasure to witness the sharing of insights and analysis with each other and I'm sure we've learnt some important lessons which we can add to our metaphorical toolbox. These include;

Just because someone is a director of an ASX listed company or has worked in investment banking/capital markets and wears a nice suit doesn't automaitcally make them a good businessman. Infact, I'd go as far to say that it might act as a red flag on my stock screener in the future. I have no doubt the IGA owner down the road could do better job of inventory management. Experience is everything, and when I look back, Stemify has no credible management (different to investors) who have ever run a retail business. However, I must acknowledge the founders are obviously creative geniuses and talented in their own right, but that simply doesn't cut it when you want to join the big leagues and be listed on a stock exchange and repeatedly beg "please sir, may I have some more" when the water hole runs dry.

It's fine to take risks, but think it through before so you have an actionable game plan. When I bought I never really thought too much about the downside, as I was hyped up so much by the extremelley bullish management and shareholders. Set an exit price like a stop loss. If you're down 50% etc. sell for example. This leads me to my next point.

Investments can go to 0. Due to some behavioral bias in my head I didn't really ever believe that one of MY investments could go to 0.000. Sure, I knew it was technically possible but I believe you need to experience it to fully understand it. When I was 50% down, I never really believed it could go much lower. Then the same at 85% and then the same at 90%. It forms a vicious averaging down circle.

And lastly, my god is there some garbage on the ASX.

I lost a significant chunk of cash on this one, and can only hope it will protect me in the future. My life has materially changed as a result but I have no doubt the laws of the universe will somehow make things right.

I'd like you all to enjoy this song with a beer in hand and take a moment to acknowledge your fellow battlemen.

"Is this the end of life worth living
Is this the end of heart won't give in
Is this the end
I wanna know, I wanna love
I want a new beginning"

https://m.youtube.com/watch?v=XRTwz4Z1_ss

Until next time.

BB