Ann: Notice of Annual General Meeting/Proxy Form , page-88

re: Ann: Notice of Annual General Meeting/Pro... abdm,

I reckon it might be worthwhile for us to sort out how your theories square with this info:

1. OBJ said that in-house project is a way to be less reliant on partners' timing.

2. If OBJ expects a deal with a big partner, it would cover the cost of the in-house without a CR, so why make provisions for a CR if a deal is due soon?

3. When asked to confirm or deny PNO, Glyn declined, yet Palermo bought lots of shares in both companies simultaneously - seems something strange is going on there.

4. When asked about a CR for the patch, Glyn said all options were being considered.