Ann: Bonus Options Prospectus, page-93

Its sh_t painted gold... Just like previously, its spun so that SH's don't realise whats happening.

Best case scenario, all options are converted and RAC gets $36m, and theres an additional 32m shares issued.

If this was a rights issue* with same outcomes (shares and piggyback options) with the previous August strategy it would have been crucified.

Being options the company runs the risk of not raising the funds they need to get this in the clinic and we're again without the data we require. (If SP is under 75c, I can't see why someone would convert other than from the goodness of their heart. And if that happens it will be stated that the SH didn't support the plan. A rights Issue negates this risk. **I hope all options get converted**)

I personally benefit from this funding plan. However, I wouldn't say it aligns with all shareholders as I personally want less games, more results, and Bisantrene in the clinic sooner. I would love $100+ SP to retire and spend the mornings looking at the sunrise from a yacht, but to be honest I'm happy with my feet in my pool and a beer in my hand (and I don't judge others with their own goals), and would rather this drug in patients sooner, and I am confident even a low ball offer would still be $1.5b min.

I guess my priorities and what I want to be seen with Bisantrene don't align with other shareholders (which is fine).

**I've publicly stated my opinion on these options (and every other one I've disagreed with over the years), however have raised my questions regarding the strategy directly to Michelle privately. So I'm not just simply whinging on HC like an anominous poster (DT knows who I am).