Ann: 1H FY22 Results Presentation, page-326

I value your medical background and often seek to learn from it and have in the past.

My financial background gives me an insight into the results that some may not appreciate so I try and explain. Though it is difficult to get across something that is learned through decades of experience of seeing what is good and what is bad financial management. But where controllable costs grow quicker than revenues with such little headroom, alarm bells ring loudly.

It is often only in hindsight that you can see the early signs of poor financial management, and by that stage it is too late. In this instance while PNV won’t fold, they may be forced to raise capital at a very low valuation and whilst not very dilutionary, the market will see it as a desperate capital raise because costs blew out. The reputational damage will far outweigh any dilution and that is where valuations can get slashed. Retail holders may brush it off, but the institutional investors and shorts will see it for what it is and close off their shorts off market or pile on even more.

on the contrary pull it off and management rolled the dice and came through, and none of this will be an issue. But it shows that their risk appetite is quite high and that in itself may deter investors, and attract others who have a higher risk tolerance.