Timeframe for 2015, page-11

Kakala,

You are right, securing a meaningful partnering deal would be a sensational outcome for shareholders.

If it was the right deal, and if it provided the sort of funding for MSB to reach self-sustaining commercialisation, then it would certainly be the removal of an important criterion that is preventing me from buying MSB shares (and I suspect many others like me).

And I would have thought that this funding issue would be something that shareholders in the company would actively seek to debate, instead of trying to muzzle it.

Because I think that there certainly is some causality between the share price being where it is today and the uncertainly around long-term funding and specifically, the prospects for a capital raising.

And as the days become weeks and the weeks become months, I think that - based on the precedent behaviour of the market in these sorts of situations - this uncertainly is likely to increase.

So I'm a bit surprised at the head-in-the-sand syndrome that pertains to this issue.

Rightly or wrongly, the market is a simple beast: it looks at the Quarterly Appendix 4c, takes the latest cash balance and divides by the cash burn and concludes (again, rightly or wrongly) that the company will need additional capital from somewhere sometime over the next 12 months, and there is uncertainty where that capital will come from.

And one of the fundamental tenets of the equity market is that investors have a distaste for uncertainty: whenever uncertainty prevails, then that's an anathema to share price outperformance.