Communications with Ignite

EMAIL

From: Daniel Altiok-Brown <daniel@octavium.com.au>

Sent: Thursday, 8 October 2020 1:06 PM

To: Garry Sladden

Subject: FW: Ignite Ltd : ASX - Formal request for Ignite Ltd ( Ignite) Board seat.

Dear Garry & Ignite Board,

I hereby formally request my appointment to a casual nominee board position on the Ignite Ltd

board to be ratified/voted on by Ignite shareholders at the 2020 AGM.

I do not expect Director fees , as a substantial Ignite shareholder ( 22.5%) it is about getting

Ignite Ltd on the right path to profitability & to realise its intrinsic value.

The reason for the request is as follows;

As previously communicated we have serious concerns in relation to the last seven years

performance. Ignite has not had one profitable year in those seven years and accumulated losses of

$35m during this period. In the last 2 years alone there has been losses & deterioration in the

NTA of approx. $12m. The current market cap is down to approx. $2.7m ( based on a share price of 3c

per share). Other competitors in the sector have been in previous years and now, profitable with

current market caps of $30-$50+m.

The 2020 Annual report states that the Ignite Board expects further losses in FYE 2021.

Based on our understanding of the management and governance arrangements at IGN, in our view,

there are concerns with Governance, key man and effectiveness issues in relation to a suitable

recruitment sector CEO. Ignite is a recruitment company and yet it hashot been able to find a

suitable & effective recruitment sector specific CEO since Jan..2019.

We don't believe there is enough shareholder focus with the decisions made in regards to Ignite nor

the communications with all Ignite shareholders.

There is no doubt in our view the need for a different perspective & a different approach and time

is of the essence.

In our opinion an additional board seat, one of five, will go a long way to addressing these

concerns in the most effective and value positive means possible for Ignite .

It is not about necessarily replacing any of the existing board members, it is about providing a

fresh approach, having made a material investment & being a substantial shareholder in Ignite since

2018.

( We note the maximum share-holding held by the current Ignite directors as at 30.6.2020 is $7,500

). Given Ignites current position we also believe Ignite will struggle to get anybody without a

vested interest that a substantial shareholder brings to take on a board position at this time.

By way of what I can bring to the Ignite board, I have had previous ASX listed board experience and

within our 0C20181 team access to one of Australia's leading corporate outperformance practitioners

as well as director & C level recruitment sect or knowledge and experience to Revenue level $270m &

2000 employees, including turnaround, high growth, IPO and M&A with a specific focus on

profitability.

We are totally committed to doing what is·required to getting Ignite right for all Ignite

shareholders. Getting it profitable and a commensurate market valuation for a company with revenues

per annum of $100million plus. There is an obvious need for a different approach to that currently.

As time is of the essence, if you could please advise your decision and views in relation to within

the next 48 hours that would be much appreciated & should you have any queries regarding any aspect

please do not hesitate to advise, many thanks.

Regards - Daniel Altiok-Brown. Executive Director.

OC20181 Pty Ltd.

Suite 86, 370 Wattle St, Ul timo , NSW, Australia 2007. Phone - 61 2 9211 3055. Email -

corporate@octavium .com.au web-www.octaviumcapitalfunds.com

Note:

This message may contain privileged or confidential information andis intended only for the

individual named. If you are not the named addressee you should not disclose, disseminate,

distribute or copy this e-mail. If you have received this e-mail by mistake please notify the

sender immediately by e-mail and delete this e-mail from your system. You should rely on your own

virus checking programmes and procedures for checking any attachments. Please advise us if you wish

your name and e-mail address to be removed from ourdatabase.

Any views expressed in this message are those of the individual sender, except where the message

states otherwise and the sender is author ised to state them to be the views of any such entity.

Thank You.

2

—————————————————————————————————————————————————————-

From: Garry Sladden

on behalf of

Sent: Friday, 9 October 2020 3:54 PM

To: Daniel Altiok-Brown

Subject: RE: Ignite Ltd : ASX - Formal request for Ignite Ltd ( Ignite ) Board seat.

Dear Daniel,

As disclosed to the ASX, nominations for the election of new directors of Ignite Limited {Ignite)

closed on Monday the 5th of October.

Accordingly, the Ignite Board does not accept your nomination for election as a director at the

company's 2020 Annual General Meeting.

I further note in relation to your request to be nominated for a position on the Ignite Board:

• There is currently no casual Board position available and the Board has no intention of

appointing additional directors to the Board for the time being.

• As we have previously discussed, the Ignite Board is of the view that the current composition

of the Board provides a sufficiently broad range of skills and experience required for Ignite

Limited and to represent all of the Ignite shareholders.

The Board, having made the significant structural changes to the company during FY20 {and as fully

reported in the recent FY20 Annual report), is now fully focussed on achieving the goals and

desired outcomes as highlighted in the recent annual report.

Regards Garry Sladden