Board Refresh, page-7

The points you raise are valid and I wrestled with them before deciding to post about the board.

I agree that there are many things going on and across multiple jurisdictions. This is one of the reasons why I believe Tony must stay on. To remove him at this stage I think we run the risk of exposing ourselves to a significant knowledge and capability gap within the company and potentially disrupt the commercial negotiations/discussions already underway.

However, when I ask myself the fundamental question of whether I believe the current board has the ability to successfully lead this company, based on their track record - my answer is no.

Therefore, to my mind, the logical next step is to consider whether some form of change is required.

I’m not campaigning for a complete board spill. For the reasons you stated above, that would do more harm than good. In reality, the outcome that I am after is: 1. for the board to remain accountable to us (the owners of the company), 2. in the process look to bolster our board’s skills and 3. enable fresh perspective/ideas to compliment our existing commercialisation strategy

As stated above, my issue is that the value the non-executive team bring to the company is not clear to me. For this reason, I believe it might be time for one of them to step aside. I have suggested that Natha Buzza should be that person because the evidence of his contribution to the company appears to be the most scarce.

The fact that I can’t point to a particular person to replace him at this stage should not mean that the topic should not be considered. It’s not my role to find a suitable replacement.. it’s my job as a shareholder to challenge the board during these times to ensure that they are acting in the best interest of their shareholders.