Ann: Completion of Share Placement, page-11

If Jeff took them off the market, he would have had to disclose it. I've only ever seen him buy on market at 10c & 8c. (Which I respected as a show of faith in his company).

Larry as you refer to him, I assume is the FFG director that took the 10m @ 4c, this was disclosed to the market.

The rest of the volume was soaked up by myself and others as you suggest, which saw the price capitulate to a low of 3.7c. The total volume traded during this period was relatively insignificant.

Once the selling pressure abated, and the massive revenues of CYQ4 were reported in late January, the price appreciated to 11.5c.

The WhatsApp offer, & Scoot Airlines deal followed and even with a seasonally quiet quarter for travel, most holders (myself included) strongly believed that whether or not a CR was required that the business model had been proven and our investment although highly illiquid, was substantially de-risked.

Jeff then sells half the company to his parents? or relatives? (which I had assumed was a tax or estate planning move). I assume tax rates are substantially lower in Malaysia?

Either way, given that up until this point I had trusted the directors of FRX, and had ignored a few concealment's from previous reports.

The ASX aware letter following the 4C was an indictment on management and a severe blow to their credibility for me. The adjustment to the final year accounts with the write down of goodwill (although non-cash) was also a terrible look.

UNL are going through the same thing as we speak, and take a look how they are handling it!!

It now seems quite likely to me that either Jeff was gearing up for the upcoming CR, and I have no issue with that, but to fail in disclosure obligations is to me a form of concealment or naivety and certainly doesn't help the SP in the lead up to the CR.

If insiders have taken up the majority of the raise, there would have been no need for a broker to underwrite it. They could have simply offered to existing holders and taken up the shortfall.

Whether I'm correct with the above will be revealed in the coming days, but so far the effect of removing funding uncertainty is a big fat zero.

@flexiroam is welcome to comment whenever they feel like it. As I said earlier, I'm hoping for a positive investor update for next week's AGM.

At the moment I'm in the paradoxical position of hoping for a poor update. If they come up with a great update a week after raising to mates for 4c, I'll be furious!!