Ann: Ceasing to be a substantial holder, page-3

Interesting times!

Though things look to be getting on track operationally, I’m disappointed by the massive dilution and share price depreciation CRO have incurred to get to where they are currently.

I’ve been a shareholder since 2017. In Feb 2018 brokers got involved with the appointment of Hartleys. In March 2018 the share price hit a high of 9.2c with I think about 300 million shares on issue. CRO then took a big hit with Telstra restructure in mid-2018 and changed out the MD. With the stock price at 1.2c and there will be 563 million shares on issue after the current CR. How I see it since broker involvement there has been 87% wiped off the stock price and getting on up to a near doubling of the shares on issue.

I purchased this stock originally because of its backing by the Raptor group. I saw that they have reduced their position by about 45% this year. I spoke to Marcus L’Estrange who is a director of both CRO and Raptor to ask what was going on. He told me that they had redeployed some capital to another project they are looking to list this year. He said they remain long term share holders of CRO and that the stock they had crossed this year went to other investors in their network who are also long term CRO holders.

I can see the potential upside from here now that CRO are funded with potential cash flow positive status in Q2. They have now demonstrated quarter on quarter revenue increases from Q2 2018 to Q4 2018 going from 8k to $274k which to me appears to flag a turnaround in company operations. If they can hit their operational goals this year as per their Dec 2018 presentation with PoolBox in Australia and the USA and WestPay, then I can see this finally getting on track. It has promised much for a long time now, can it finally deliver?