Ann: MD Presentation 2020 AGM, page-76

All IMO and not personal Liam.
This is a general message to HC users

I agree Wombats research and posts are second to none on HC

"the level of work and selfless advice you offer"

I know I am being pedantic...
...and I think the sentiment towards Wombat is fantastic...
Can we all please be clear that @wombat777 does not give advice?
...and neither does any other poster on these threads

A lot of people can, and will, get hurt if we treat Wombat's posts as advice and then set expectations for your own portfolio which may not be reached.

What Wombat does is review the business case of the company incorporating peer analysis of other similar companies. He then has to make some assumptions, and then IF the company delivers on the business case, and IF the market agrees, we might see an SP at the levels predicted. It is all too easy to just see the headline numbers and believe ADN will result in a 7 or 8 figure sum for you if it hits that SP!

I am certainly guilty of thinking what might be and what I could do with that level of funds, it's human nature. I would never ever hold anyone responsible, other than myself, for my outcome.

The last thing I want to see is Wombat get smashed by posters on HC because his peer analysis was off the mark by as little as 20% and some investor didn't hit their target. There is still risk in ADN and any black swan event or some unforeseen, hard to even envisage, event can scotch the opportunity for us or the company.

What could be agreed is that Wombat's analysis helps us all understand the potential value of ADN which is useful for a number of reasons including;

- How long is the runway for ADN e.g. how long should/can I hold?
- The potential value of ADN should we receive a low TO offer e.g. should we reject?
- Is the SP likely to rise from present value? IMO a big yes, I just don't know how far...

Only you can answer these for your own personal situation for which Wombat perhaps makes it easier for you.

GLTAH