Ann: Proposed issue of securities - AR9, page-28

We know circa 10 POCs in play.

We also know Hanhwa are advertising a role, specifically mentioning kojensi and experience with it would be highly regarded.

There's no shortage of breadcrumbs suggesting big things in the offing.

However, a sure fire way to rile up an already potentially disengaged shareholder base that's been patient is to put forward a performance bonus structure indicating lower hurdles, coming off a higher base than the previous year.

Regarding potential for 25% dilution, I'd be less inclined to vote against that if there were "per share" performance based incentives. For the record, the only resolution I'm currently not in favour of, is Resolution 4.

If there's rational context and justification, which I'm happy to give management benefit of the doubt over, until proven otherwise, am comfortable reserving judgement.