Further Update on Edwards, page-171

Hi Big Dog. I don't really know if I have a desire to see Anteris pursue independence - I just get the feeling that is what is being planned. There are not a lot of options to raise the amount of capital that would be needed outside of a cap raise. There is approx. $74m in options due for expiry in the next 2 years but that is dependent on the share price being way north of it's current position. The biggest roadblock I can see is in the marketing. Whilst AVR has some good connections through the Advisory Body it would take an enormous campaign to convince a lot of cardios to change their suppliers and to learn new techniques. Certainly a larger established organization e.g Medtronics, Edwards, Johnson & Johnson would be in a better position to achieve that result. Hopefully "all will be revealed in Q1". We wait and see.