Ann: Changes to Board and Management, page-44

"It does appear to indicate a point of disagreement which led to the changes to Board and Management."

If there was a sharp point of disagreement, could it have been in relation to a deal that was already on the table? Remember Phylogica did spend $1.5m in consultants fees although the stated reason for the consultancy was a review of corporate strategy resulting in the Pivot to Platform strategy. Further, the appointment of Michael Williams as NED was heralded with the notation that Williams brought significant experience 'at an important time in the commercialisation of Phylogica's unique platform technology and engagement with potential partners' refer Operational Update December quarter.

Pushing on with the diversification and acceleration of development would undoubtedly deliver more data and would arguably add greater value to shareholders in the event of a future sale. Just speculation as there are numerous reasons which could explain the Board and Management changes - its the $8m question.