Halelujah! We broke 80 cents!, page-33

Yes, I agree that efficacy will be huge news all around the world and a complete game changer for Benitec.

But I don't agree that raising cash after efficacy is as easy or as sensible as before efficacy.

I do feel for the very long termers who have participated in past cap raises and have experienced dilution after dilution as well as a declining share price. I've experienced this with other investments I've made so I do know what it is like. I think the long termers who have participated in past cap raises have done a very noble thing pouring cash into this cause, but I think at times a reality check is needed and a reassessment of past expectations. Benitec is an emerging company which has survived on raising cash and obtaining grants. I think anyone expecting a research company with no positive casflow to grow without dilution has to reasses the reasons for why they initially invested.

There's been numerous opportunities to trade and make many multiples just in the last couple of years if you had the balls to sell. But I must admit, my balls have only been big enough to buy and hold. Knowing when to sell has also been a problem for me because I just don't know how high this could go - $100/share? This time around, I feel I've accumulated enough, a bit wiser and better prepared to buy low and sell some on the spikes.

I don't mind taking a punt here and there, but I wouldn't want management rolling the dice. I see it as their role to mitigate risk where ever possible.