The Doc on X23 Apr 2026 14:15
Public Letter to Jim Millen
Dear Mr Millen,
I write publicly in response to your recent statements and conduct,
Your characterisation of my position, our discussions, and the proposals in question is inaccurate and materially misleading. That is not acceptable in the context of a public company and raises serious concerns regarding judgment, transparency, and accountability.
For the record, the suggestion regarding changes to advisory arrangements was yours, not mine. Any attempt to attribute that position to me is simply incorrect.
It is therefore unclear whether you are being misinformed or are choosing to disregard what was clearly communicated. Either scenario is deeply concerning.
Let me be absolutely clear on the position:
⁃ The current board situation is not sustainable, and I fully expect changes at board level in due course. - A forensic review of relevant matters and interactions will be undertaken in the interests of transparency and shareholders. - In the extremely unlikely event that you secure support at the forthcoming general meeting, we are fully prepared to requisition again without hesitation. - At any future general meeting, we will take all necessary steps to oppose and block any special resolutions relating to fundraising until such time as a credible, shareholder-aligned plan is properly put forward.
The board's track record over a prolonged period has resulted in significant destruction of shareholder value and a clear erosion of confidence. In contrast, my team and I have consistently demonstrated an ability to create value. Shareholders will ultimately draw their own conclusions from that comparison.
For the avoidance of doubt, 1 did not agree to the appointment of two NEDs. That was your proposal. It was misplaced, and it was not accepted. The opportunity to engage constructively was available and was not taken.
Given the seriousness of these issues, I urge fellow board members to reflect carefully on their positions and their fiduciary duties as directors. If they believe that recent actions and representations fall short of the standards expected of a public company board, they should consider their responsibilities accordingly.
I maintain a comprehensive and contemporaneous record of all interactions. This has been retained in the interests of accuracy and accountability. If required, I will rely upon this record.
This situation is regrettable, but it will be brought to a conclusion. I remain fully prepared to take whatever further steps are necessary in the interests of the company and its shareholders.
Yours sincerely, Mike Whitlow
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