Ann: Capital Raising and Appendix 3B, page-115

You're kidding right. You know why he is the top holder?

In mid 2015 PO floated Norwood. He accepted around 193m shares as consideration for WordPhone and Corona as it was back then. At the IPO that was worth about $4m (the issue price was 0.02c). At the IPO he also chipped in for 5m shares ($100k) in value.

Since then he has awarded himself lots of free oppies and performance shares. None of which have been exercised as they have always been out of the money or the performance hurdles have not been met.

Corona and Worldphone have not even come close to generating the $4m given to PO in revenues let alone profits for the company. Those assets are worthless now as they will never generate the income required. God knows how much additional money has been spent on developing that software, all out of investor coin.

In 2018 Paul chipped in another $15k for 1.2m shares.

So there you have it, Pauls total input into the company was worthless software and $115k in cash. Since floating he will have taken out around $1m in wages (his base salary in 2015 was $175k and increased to $280k in 2017) and stock.

Like the rest of you at the current valuation of $0.003 he has done his dough. The $115k he kicked in is now worth around $18,600 - some of you have probably lost more, but haven't taken out $1m in wages. And the worthless software he developed prior to floating Norwood is now valued at around $500k. Its worth to shareholders given it generates no meaningful revenue is probably $0.

Lets not get confused with thoughts that Paul is investing his own money in this software company. Norwood is his gravy train.