AGM, page-17

Hi  Curious, Raiizo... and others,
Last week I emailed the following to MM.... I imagine it rings a bell with you guys.

Hello Dr. McColl,
I am a shareholder of some 7 years standing…. participated in Cap. Raises and endured the drop in share price from #1.35 to currently 70cents… despite wonderful Clinical data.
I would like to advise today’s market perception on a discussion forum as significantly “disappointing”… and comment re Hopper’s address was described as “pathetic”.
You may decide discussion forums reflect poor understanding of the issues…. However, they are all shareholder who reflect the widespread opinion of the general market.
By your own statements quite some time ago, VLA is focussed on a partnering deal or a takeover.

All the eggs are in that basket…. so if no Pharma emerges, the SP will slowly decline.

The view currently being taken by the market is such that if VLA is undertaking 4 more Clinical Trials, it must mean that Pharmas are insufficiently impressed with past results to date…. certainly not impressed enough to do something about it.
Logical thinking would assume that if Pharmas are circling…. you would definitely have advised in more detail.
Details such as “ Significant discussion is ongoing with Pharmas of tier 1/2/3level etc. Pharmas wanting specific detail about specific data… we are currently addressing their requests.” etc, etc.
Perhaps you did refer to that extent at the AGM, but forum discussion by attendees indicated you did not.
Four more Trials is seen as a couple more years of “waiting”.
Shareholders have paid as high as $1.35 for VLA shares…. how do you assume they are feeling?
Perception is rife that Pharmas are now sitting on their hands…. see what emerges from the smorgasbord of Clinical trials currently underway with others,  as well as VLA.
Your often quoted “Amgen/Biovex” deal has long worn thin … and seen as a “pot stirring ploy”.
VLA is rapidly beginning to be seen as the house for sale that has been on the market too long… stale.
The fantastic Clinical results simply don’t seem to cut it any more…. hence the need to advise shareholders more specifically about predator interest.
Cash burn will inevitably result in another Cap. Raise…. more dilution … but not at $1.00 upwards… more likely at circa 50 -60 cents.
In short… significant  Pharma interest is beginning to seem non existent.
Top marks to Darren Shaffren… highly respected.
I met him and Hopper  some years back at a Presentation.
Hopper was asked a myriad of questions, but revealed his  lack of knowledge by deferring all such questions to Darren.
Consensus at that Presentation was  Darren was the “go to” man… Hopper, not so.
All this is meant in best interests for all concerned…. certainly you would be concerned about the SP decline.
I welcome a response from you, hopefully one I can detect some measure of soundly based optimism.
Regards,

My perception is that MM is doing everything he sees as the best way to increase shareholder wealth.
He and the other Directors stand to gain handsomely from doing so, but I can only ascertain be guided by what I do see ... and guess at what I don't see.

I have not received a reply...but it is early days.