Perth Presentation, page-47

That’s right - Sue isn’t there any more. I have a sense of why and think that what appears to be an insinuation from you is inappropriate. She did what she needed to do and left. It would have been no easy gig either.

As for your other comments. A continuous problem is people choosing to interpret an announcement of sales as meaning all that revenue will come in a single hit. Sometimes it might - for some types of services or products but more likely it will be spread over time. That’s pretty normal and even more likely when the product is one component of a multi component product. The comment was made that sales are lumpy at present and until there a multiple customers over multiple products that are well established in the market I’d think that would continue to be the case.

I also see no reason for them to announce projected sales. They stated quite clearly “we don’t give guidance “ and nor should they, particularly at this stage of their development. They did however state that they believed that they had moved past being good at developing new technology to being good at commercialising it. They also stated that they were dealing with dominant players in each of the key product lines.

I think you you would have been quite right to describe AJX as smoke and mirrors some time ago but I’m not so sure you are right now.

I am happy for the Executive team to avoid predictions. I didn’t even feel that the three to six month period related to ICL was that definite. For me that timeline was somewhat more of along the lines of “it could be.... or it could be.... or ....”. If anyone thinks that what is likely to be a complex and sensitive negotiation is going to be a quick thing they are way off beam. Each party is going to be doing exactly what they should be doing - protecting their interests and ensuring they get the commercial outcomes they need without cannibalising the relationship. I’d bear in mind, however, that this is not a hostile negotiation. There is a long mutually respectful relationship and the two parties appear to have identified mutual benefit in formalising it over a specific product.

I had had always been anxious about ICL simply because of their scale compared with ours. I’d not ever abandon that caution but the logic behind what AJX are doing makes sense and I felt they had a good handle on the risks and remedies.

One other observation I would make. I have always thought Bob was smart - as in astute and quick on the uptake - along with an easy but authoritative style, but even over the last year he has developed a lot. I think his knowledge has deepened, his grasp of commercial issues is much stronger and his vision of the future more confident.


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