Ann: Trading Halt, page-97

Have taken a decision to remain sanguine despite some disappointments.

When all the wailing and gnashing of teeth has subsided, we'll have $105m cash on hand, with SOI of just over 275m. At today's market cap, that's a share price of $1.69.

Now, of course, we'll all get the chance to pick up some in the raise at $1.30. However, the SP does tend to retrace to the CR level anyway.

Some of my disappointments are in the rearview mirror e.g. I think we could have seen the need for this raise and undertaken it at $2 upon IND opening. It's not hindsight, you'll find my thoughts on this in the threads from the time. Some of my disappointments are more worries about what this says about the short-term future? e.g. Does this mean no deal was coming to the fore for MPS (not necessarily a bad thing to wait)? Does it mean 008 might be subdued (we'll find out soon enough)?

Retailers might complain that this isn't what they told us a couple of weeks ago. That was my first thought too. Hard not to feel a little hurt hey? However, this is a bigger game than you or me. They pulled a 30% premium on their raise price via the material SP rise since that preso. I'll take a little sting to my pride for 30% less dilution.

My hope is that this is the last raise. I hope this gets us all the way to deals, and to TGA approval, and to interim results from 002. I hope we have positive 008 news imminently and with all this cash in the bank we are pushing all time highs again in the next 12 months. My fears are that we are handing shares to funds who might loan them out again to grind out their dull little %'s again for another year in the doldrums. I confess, I thought maybe that was over.

Understand the disappointment which might be floating around, but would recommend a measured reaction. My approach will be shrugging it off and getting back to focusing on the long game. The trials, DMOAD, Big Pharma deals etc. The big days are all ahead of us.