Ann: Notice of Annual General Meeting/Proxy Form, page-29

They will need to hold the line at a bit over 30 cents/share to keep the mkt cap under AUD 300 million, but I am not sure this is possible, advisable or necessary.

Reasons for believing this are some of the tea leaves at the bottom of the glass, including

[1] FDA Moat: Botanix is forging ahead with FDA compliant trials on a broad front.

[2] Patent Moat: the PCT --> Wrays letter of 4/4/19, https://bit.ly/2kjwwl6 which, although it doesn't give us the patent, provides enough clues about it to modify my comment to: IMO Botanix' 26 rejected claims wipe out a multitude of other company's patents at the same time leaving 8 successful claims covering the cannabidiol Permetrex™ combination, and thus no royalties to be paid by Botanix to anyone other than the Permetrex™ licensors.

[3] Announcements

Summary: Botanix Announces Successful Acne Study Results (29/01/18 09:57):
https://hotcopper.com.au/posts/30621409/single

Summary: Botanix Announces Successful Atopic Dermatitis Study Results (06/06/18 09:43)
https://hotcopper.com.au/posts/33521881/single

Summary: Study Confirms Anti-inflammatory and Other Properties of CBD (19/06/19 09:31): https://hotcopper.com.au/posts/39125686/single

Summary: BTX 1801 Kills Superbugs Without Resistance World-First (20/06/19 09:16):
https://hotcopper.com.au/posts/39145606/single

[4] Summary: Vince Ippolito appointed as Botanix Executive Chairman (18/07/19 14:15):
https://hotcopper.com.au/posts/39582595/single

Note that the appointment comes about one month after the 19/06 and 20/06 announcements.

Botanix appears to mean business.

DYOR, I am not a patent lawyer - just my opinion.