How "R&D tax incentives" qualify as "licensing fees" by the terms of the resolution passed at the AGM (Milestone 3) beggars belief - I can't believe that is Glyn's interpretation. I suspect, as is often the case with email queries from shareholders, his answer could be construed as vague and not necessarily responsive to every single point raised in the shareholder's email.
J
Update from Glyn, page-278
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