Ann: Chairman's Address to Shareholders , page-3

"The demerger and listing of our subsidiary, Audeo Oncology, was unsuccessful last year due to a range of actors, including market timing. During 2014, we will consider revisiting another US listing, depending on our strategic positioning and valuation, which should be significantly enhanced by achieving our operational goals. Our focus will be to determine the best way to maximise shareholder value and on ensuring that the company is optimally positioned to achieve its potential."

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A US listing has the potential to be a massive 'game changer' for investors. However, having been a holder of two other Nasdaq listed Aussie Stocks (one dual-list and one completely delisted from the ASX) that have failed in their goals and chairmen's promises of laying the golden egg, and having spent a great deal of time watching other Nasdaq listed Biotechs (US homegrown) skyrocket on the back of hype and very early pipeline drugs in crowded markets, the magical formula for success is still mystifying to me.

I guess with Alchemia owning a revenue generating drug and with technology in late Phase III and Phase II and in the always interesting cancer space, it does indeed have everything going for it, but I'd just love to know what the trick to becoming a market darling is.

What I do know is that Alchemia has the "Steak" and this is a fantastic start. The X factor is however, the "Sizzle" and we will need the Sizzle to see Alchemia fly (that is of course unless we somehow jag some deals worth hundreds of millions upfront over the next 3-6 months). Sizzle is however always important, regardless of how good one's pipeline is.

Sizzle includes (in no particular order):

- High Profile Directors (if not Chairman)
- Scientific advocacy from across the spectrum
- Large Pharma interest
- Great PR and ongoing engagement with the media (including the hypists like Jim Cramer)
- Social media savvy advocates (this could come under the above point)
- Great Investor Relations
- Strategic/Pivotal Broker/Analyst coverage
- Knowing how to work/ride the momentum

I think the last point is important and implies that we have market savvy personnel/consultants working behind the scenes to monitor and take advantage of every piece of info in the public domain in order to craft an Investor's dream of a company.

We have every chance of being on a Group One winner here - just hope management are not too conservative and are prepared to allocate some reasonable budget to ensure they can sell the "Sizzle".

GLTA