Hi EB. Thanks for pointing out governance is everything in...

Hi EB.

Thanks for pointing out governance is everything in development work. It’s painful afterwards, as we have seen with S Africa, when no accountability is held, or traced to a position that takes responsibility for decisions made. Those are the dangers FLC faces in places like India and Africa where there is no governance and accountability. (Strangely, China has no democracy but a lot of accountability can be traced to bureaucrats. That’s an important reason why a new tech like MABR is taking off there.)

In fact, I know, from talking to Aussie Brokers, that emerging markets risk don't sit well with international investors. It is a risk they would rather avoid with FLC. Hence, we haven’t seen many institutional investors.

Only trust in FLC’s ability to deliver sustainable profits will erase doubts that FLC is able to traverse in difficult markets and still able to thrive. Hence, it’s utmost importance they deliver sustainable EBITDA from 4Q onwards.

2020 is where proof will be in the pudding. I take the view that perceptions will change once all cylinders in China and IC start firing and delivering.