Completely undervalued, page-9

Unfortunately management won’t provide guidance. At the 2017 AGM the Chair got very angry when a shareholder requested guidance be provided. The Chair mentioned acquiring shares at 12 cents and being very happy with the SP. He said the small market capitalisation was a factor in not providing guidance. This is a very circular argument given the capitalisation is a function of the understated SP. The angry reaction to a very respectful shareholder question seemed strange. Lacking the courage to provide guidance NTC management wait for brokers to do their job. The low SP to intrinsic value creates an incredible and unnecessary risk for shareholders. The SP will never reflect its intrinsic value without consideration of future projected cash flows. Look at Xero, Altium and NXT as examples of what good management can do for a company’s SP.