Ann: Appendix 3B - Issue of Ordinary Shares and Unlisted Options, page-51

No probs @Jasox

Seems little point in a semantics debate over worry and wonder.

I held this thing when it was GAL. I went through the re-listing from GAL to TV2. I listened to and defended (rather cogently at times) the company. I believe I was wrong - as it turns out.

I had some useful intel on the direction of the company. I made some reasonable dollars trading parcels from time to time. My last holding was just over 3,000,000 shares and a bunch of options. I dumped them all in one day! I just had had enough of the TV2 merry go round.

Prior to selling, I undertook a simple exercise one day. I reviewed numerous announcements and re-read many contrarian posts. I tried to make an investment case that would convince a colleague to invest - I just couldn't find the necessary data that would support such a case. In fact it all pointed in the opposite direction.

This was largely because;

(a) There was never a reliable and ongoing source of income (apart from CR's) despite announcements declaring it was never far away through some launch (soft or otherwise) of some kind on some continent.

(b) The dollars seemed to always be flowing out the door and nothing or, very little was coming in to the bank. 

(c) I knew one of the key company officers that resigned. He held a large holding - bigger than mine - too big in my view. From memory, it was +20,000,000 - he was in the top 20 at one point.

(d) Too many directors being appointed then resigning and always some excuse was offered up to make it sound reasonable. However, how can the company grow and prosper when the tenure of directors is so fleeting?

(e) I sold and I ceased posting for a considerable period of time.

(f) One day I thought I would check in to see what was going on in TV2 land. From my perspective, it was the same shite being repeated but with a new cohort of devotees. Africa + Indonesia + South America - what's next the Antarctica? This is from the September Quarterly.

"Equally, newopportunities that have been secured in Europe, the Middle East and Africa (EMEA) and LatinAmerica (LATAM) are set to follow a similar multi-tenanted revenue share model, designed to helpscale revenues after the initial bedding in period."

And this pearl

"The full commercial launch of TV2Africa is expected to take place in November 2018. At launch, itis expected that 10,000 active subscribers will immediately be brought onto the new platform."

Did this happen? Did the 10,000 subscribers materialise?

(g) There was one constant with TV2 - in my view. The outflow of cash + the never ending launches of their product but never any income of substance. Where's PGAS now???

"The PGAS project has not progressed during the September quarter since the Company’s lastupdate, however it expects to be in a position to update the market in the coming weeks." (Quarterly Report 1 November 2018)

(h) And I also happen to think that media technology and distribution has moved beyond them now. There are now any number of products that do what they claim they can do and with far better economies of scale - in my view. As a consumer of media - why would I bother with TV2? 

(i) And now the company has issued CN's and shares to cover the ongoing spend.

To date - I have yet to see how CN's ever serve the benefit of shareholders - only one group seems to profit by issuing CN's - the CN holders! 

"In September, TV2U entered into a commercially binding agreement with SOL Telecom, a leadingBrazilian telecoms provider, to drive sustained growth and market penetration across LATAM, afterSOL was selected as a preferred reseller for TV2U’s technology in Brazil." (Quarterly Report 1 November 2018)

With all of the "commercially binding" contracts and product launches all over the globe - why the hell does TV2 need to issue CN's?

That's why I sold out - the cash only flows one way at TV2 and the reasons / justifications are always the same - in my opinion.

Just my view.