Ann: Appendix 4C - September Quarter, page-69

Hi pman, I was referring to milestone 1 which uses those exact words about royalty received and is further confined to dermaportation. My question to you then was whether advance fees could ever, in your opinion, count as "royalties". If so, then management could potentially claim their 15 million shares (total) as soon as the Coty deal is licensed (i.e. even in the next few weeks which would make for some interesting discussions around here).

The other topic is of course milestone 3 which uses the the term license fees, but I have it confirmed from Glyn it really means "income from any source".