Ann: Appointment of Voluntary Administrators, page-8

In withdrawing the 249D on the basis the company would put a restructing plan to shareholders, the Action Group has been seriously undermined by this latest announcement. In retrospect, the Action Group should have proceeded so we at least had a legitmate Board. The current action that has occured post discussions between the action group and the Board shows a total lack of Board integrity. Now we will be stumping up for Liquidators which will further the pressure on the company which has gone through $26 million of revenue in the past year. The solution has always been to get a functional Board with the required skills to sucessfully govern, and to run a fine toothed comb through the whole operation. The reluctance of the Board to do this is both shameful and suspicious to say the very least. The question begs is it too late to re-issue a 249D and get a Board that has the skills and integrity to make this company a success? Even a 2019 announcement stated we could get $5 mil free cash p.a. and now this.