Ann: Appendix 3B, page-22

Not sure what wisdom you are seeking and whether I have any or not is another matter. However I have re-read the thread and there are a number of themes in them. Let me try and offer my opinion on each one in separate paragraphs.

1. What is the listing entity worth as a shell? Zero basically. To list a fresh IPO costs start at around $1m all up so anything more than that for a relisting of a shell makes the shell an expensive option and it carries the risk of conduct and commitments made by the preceding Board and management as well as any potential trailing commitments. In PDF's case the Fiji deal is a binding HoA from memory and that carries risk for anyone considering PDF as a shell. the bio-assets are aging and are not producing milk for PDF so they are probably agisted out at cost and worth nothing, the share register is made up of retail mum and dads and a few cashed up MNW individuals and no or scant institutional support so that offers no value and actually becomes a headache with the strongly weighted retail presence. The shares will need to get consolidated, severely, to bring the current market capitalisation in line with the Enterprise Value otherwise a relisting will fail on the premium expected by past holders but conversely a severe consolidation will not get the support of the major holders and that is highly unlikely so for a new entrant it suddenly becomes a very unappealing shell acquisition. Not music to the ears I know.

2. What is the company worth? Even though the last accounts show some bio-assets and some cash they are worthless. One can dance around with the figures but there are no current figures of relevance to work from as the 2017 financials have not been lodged and the half year results due out any day now are unlikely to meet the deadline and even if they do they will show no operating revenue a return zero reduction in cash or anything convertible to cash. So essentially the company is worth something close to zero at this point, even the half year report lodged in December last year points that out. Let me flip this around and use old figures....cash and assets of about $157K, no retained debt as all was converted to ~39m shares not long ago giving the company a per share value of $157,000 divided by a total number of shares on issue ~416m. This puts the theoretical value of each share at around $0.0003 cent. or .03 of a cent. Think about the consolidation severity now, along the lines of around 100:1.

3. What are the shares worth whilst the company remains suspended? The shares only have a contrived value as it is the last value traded on the ASX prior to suspension. this bears no reflection on what they may trade at in the future in the unlikely event they ever relist the company under this listing.

4. What will happen to PDF if it remains in suspension and they don't lodge their 2017 financials and seek relisting? And when might this happen? The chances are the ASX will seek to have the company delisted from the ASX and it will remain as a public unlisted company with your shares still in the company. The difference here is that if the company continues to exist it will need to remain as an ASIC compliant company but it will no longer be under the eyes of the ASX Listing Rules. In regards when this might all happen there were some changes to the legislation a number of years ago that removed the 3 year automatic delisting from the ASX and as a result the ASX has accumulated some garbage down the bottom end of its board and they are seeking to clean it but testing company that have been suspended for sometime or are serial breach offenders. For PDF I suspect the clock is ticking and it will have its destiny determined for it well before the end of this financial year, whether it forced by the ASX or by its own non-performance and the burning need for major holders to try and do something so they can get their cash (including debt converted to shares) out and let the company sink.

Probably not what most people wanted to hear but sometimes having neither fear nor favour when posting helps. those that like the post may well thumb it and those that don't may well seek to trot out the tired ole rope of "your not a holder, what do you know..."....either way it is what it is and time will tell.