AGM Sydney 3PM, page-5

I went to the AGM, it went on for a few hours. People were concerned about...

• All of the directors owning hardly shares. 
• Most people people who got performance rights sold their shares this year. 
• Founder, Steve Killelea leaving in short notice and he'll be in a consulting role in the future, not a director. But he had already semi left the business a few years ago. 
• Increase in trade debtors. 

So no one on the inside wants to hold shares.

There was someone there from Belmont securities who asked these critical questions.

Some people were confused with the accounting because they were moving from a sale of boxed software type revenue to a subscription type of revenue model. Bit like what Microsoft is doing with office to office365 subscriptions. A lot of clients seemed to be doing this but the CEO mentioned that the big companies run their own servers and there is less benefit for them to move to the cloud.

The CEO mentioned that the big customers almost never leave them. The big companies with lots of different old and new technologies need them to put monitor all their different technologies in one place. He also said that Cisco were reselling their software as a part of their product line.

The founder Mr Killelea has become super busy this year with the Global peace index that he founded. https://en.wikipedia.org/wiki/Global_Peace_Index