Loyalty Options, page-45

I think the general sentiment was that you were ramping down the stock to shake the loose fruit out of the tree for some insto. You came out of left field and took everybody by surprise with such a big investment. As we are sitting on something pretty special, I think we are all a little paranoid about the big fish wanting to take out the little fish. Many of us thought you were part of that game -- sorry for my part in doubting you. Personally, I think the serious games are yet to be played out. The important thing for us is to ensure that the company does not allow a multinational to get a controlling interest. That is the biggest danger that I can see. But with the board having some 13-15% of the company, and a number of small players like you and others that I know of with a +1% stake, we just have to hang together. It will be interesting to see what Heron and Greenstone do with their shares. They have about 15% between them. and I am not sure that they are committed to Ardea, so they may sell on an attractive offer. I think the month after the loyalty options will be the time to watch. It could get interesting.
BE