Ann: Appendix 4C - quarterly, page-108

The SP was better on worse financials because we all felt the expensive difficult bit before profitability was underway and that profits would soon flow and rapidly grow. The reality has hit that despite the repeated mantra that 'we're nearly there' continues to recur, more and more of us have stopped believing it for better or worse and now fear that apparent first mover advantage didn't count for much or that our product wasn't as exiting as hoped has dawned. Or at the very least fewer of us are willing to risk significant capital on a company that has essentially mislead us on the proximity and size of the opportunity and still seems unable to hit a neutral cashflow position. I'll admit to being wilfully naive and over optimistic but the old chestnut "fool me once shame on you, fool me twice shame on me (or in Alexium's case fool me every quarter for three years shame on me)" applies.

A sliver of me still thinks that the military or other big deal will drop and lead the company to greater things, and possibly with the management changes we're better set than previously, however it's only a sliver and I've sold down my position accordingly - how much time and effort has been wasted on hot air and to what ends? The mind boggles, I really don't understand where GR and NC thought the music would stop and how it would relate to them making good on their huge holdings.

Sentiment - Fingers crossed, but not holding breath.