Ann: Board and Leadership Renewal and Restructuring Update, page-8

Mr Bwahid, if you are still here what do you make of the price action and recent announcement?

Announcement seems a mixed bag, Chairman and CEO exiting not good, but the fact an external consultant is willing to step in and take over as CEO shows something is in the works, a new high profile Chairman interested in joining a company with $13m market cap is quite interesting. Sell of Spectrum makes sense, as Freedom no longer flog their own product through Spectrum so no synergy, probably get around $5m for it. EBITDA generated $2m - $3m loss for second half excluding one-off restructuring costs, no surprises there. Still seem to be heavy volume on sell side stacking.