July Announcement?, page-14

Usually when a trading halt is called to announce a contract signing, isn't it reasonable to expect that the ink is drying on the contract and the announcement is being drafted and will be released subject to board sign-off? Not an unsigned contract with the risk the contract may never be signed.

Listing Rule 3.1A includes a number of exceptions to the general continuous disclosure obligation, including where the information concerns an incomplete proposal or negotiation.

Unfortunately with the benefit of hindsight that we outsiders now have, it is reasonable to conclude the negotiation was not complete when the trading halt was called. While we need to rely on hindsight, management and the board would/could/should have known this at the time.

Presumably the other party to the contract would also know the company has gone off early on this and who knows what additional challenges this has added to the negotiation. So even if the contract is executed, we may never know if this episode adversely impacted the terms finally agreed.

Calling it in conjunction with a planned capital raising also compounded the problem.

This is all very unprofessional to say the least.