gv, page-14

Without going into the historic issues, to which there are many, essentially what the Board and Snr Mgt, who are all sensationally well paid did was this -

1) They entered a binding agreement upon themselves not to shop the Assets or Business around to create more value
2) They entered that binding agreement without binding the bidder to the take over or at least a substantial break fee for failure to execute
3) They then whilst having their hands tied for the ability to create value, watched the bank balance dwindle being hamstrung to do anything and press a deal, push for terms and conditions or create competitive tension as they were in a no shop clause.

Forget COVID, the bidder knew on the day back in 2019 how much money was in the bank, the bidder knew they were not bound to the deal and the bidder knew the only funds they would get, would cost the Company dearly as to fun a bid that has high potential to fall over, as not binding on the bidder was going to be hard or exceptionally expensive. So once the funding fell over, they just needed to string us alone until the kitty runs dry about the deal and the potential to assist finance. This must be the dumbest commercial deal ever done, on behalf of the take over target, to lock yourself into a no shop without protection of a massive break fee or binding agreement was crazy.........….

Fact is LNG is a tough gig, Management were tied and weary, but given the destruction of price and mass competition fell in love of the ability for them (not shareholders) to monetize their personal equity and look toward termination payments and agreements on what is on the other side, being so personally invested in that, they forgot business 101, always be prepared to walk away from the deal, but they forgot that.....A decent board and management would apologies for the situation they have put the Company in, they would explain how they are going to get out of it, and they would declare they will resign as a result, but not before the ship is stabilized and shareholders are protected...……. Or you run the bank dry and then say, what else could we have done, but not too loudly, was someone might point out the 1000 options you had about 6 months ago, all which you did not take up......

Optimistic side of life, is someone who we assume was competent (it appears far more competent than our side of the equation) was prepared to off 13c USD, so about 20C AUD in a friendly take over, without a massive aggressive TO price, it must have been close to the genuine Asset value with upside. I am sure they are all talking right now about how to we go back to Share Holders with a 12c or something like that TO that is not binding and absolute, a 40% discount in this market is a discount, as you don't buy these assets for the 6 month outlook, you extrapolate out the 5-10 year benefits...….

The full board should resign however, with Mgt shortly after.