Ann: Appendix 4C, page-19

Ive been a holder for over a year, buying and selling on share price volatility. I exited my position partly on release of 4C and finished today. I wouldnt draw to much comfort from the $22M cash and cash equivalents comments as a good proportion of that is financed via the 15M loan (as previously pointed out by another poster). I think a loan at this stage of the development is quite risky really. They can also draw another 5M etc. The cash burn is high and so we are likely looking at 20M debt by end of this CY even with greater sales reducing burn. I have been around the markets long enough that for an early stage commercialiser like AXP if there is even a whiff of a cap raise the probability is almost certain. So I think it will trade cum cap raise which will cap the price. I'm going to watch from the sidelines for the next quarter +