Right now, this is pointing to a $1.2M+ loss for Michael and his...

Right now, this is pointing to a $1.2M+ loss for Michael and his beloved TAU venture, meaning that TAU's net assets are at risk of being written down by a further $1.2M+. Further trading losses in the second half however are likely to cause a further $700K+ loss on operations meaning a serious deterioration in TAU's net asset position going forward.

Altogether, this could well suggest a June closing net asset position for TAU in the sub $6M range. At this level, it is hard to see how TAU can comply with its ASIC requirements as a fund manager, etc (for which the minimum ongoing requirements are $10M+ in net assets).

It therefore really looks like that Michael's TAU is going to implode on him all because he went MIA in relation to AHF. More the point though, his incentives (being the second tranche expiring 30 June) are very, very likely to come to nothing as the required threshold trigger price of 23.5c is now 14c away from being reached or almost 150% away.

Michael therefore has no way of scaling this epic Everest climb given that, right here, right now, as he has just 15.5 trading days in which to do it. In essence, Michael has become his own worst enemy. He really should have engaged actively, constructively, willing and properly with shareholder engagement, communication and execution of business function. His failure in doing so however has brought this all down all upon himself, by his own making. Where for example is the strategic execution of the CDC business case, the critical massing of AHF's dairy and processing options, and all of the half announced steps forward which then have gone unanswered, or unactioned for months at a time? When looking to turn this all around, the future does not extend to, include or maintain either Michael or Adrian at the helm, or Nathan down on the farms.