@Voiceover appreciate that you have been a shareholder for...

@Voiceover appreciate that you have been a shareholder for sometime.

In respect to the shares issued to the CEO & CFO both under the staff loan scheme and performance shares, it's worth noting that to what had been previously proposed by management to be voted on at the AGM, to what the revised offer that was submitted and ultimately approved was vastly different - revised materially lower.

IMO it would of been better if management had consulted with shareholders prior to the initial proposal being made, however to their credit management listened to the concerns raised by a number of shareholders and re-aligned their expectations off the back of the current price / EV for the business.

We also expect to see Management participate further on market personally to acquire shares + have their own capital at risk. This will go a long way in proving to the market that they truly believe in the business, the opportunity from here and the extreme value the company is currently priced at ~$3.5mil EV. I would like to think that there may be a black out period in play possibly around pending news, that once delivered will lift this restriction and see management participate further on market.

Previously performance shares aside, with most unlikely to be achieved / issued in the near term, what matters from here is incentivizing management to deliver and create value for all shareholders. The issuance of loan funded shares is immaterial to the cap table, however is likely to provide a good incentive (beyond the performance shares at play), to see management drive hard to create value in the short to medium term.