Neuren Media and Analyst Coverage, page-1137

Ashgood123

I wasn’t suggesting that analysts don't have privileged access to management/IR. I am fully aware they do.

What I was questioning was the analyst’s claim that Neuren's plan is to to conduct four Phase 3 trials of NNZ-2591 in-house, complete them all within the next 3 years and then plans to license these indications out post-Phase 3.

Were this grand plan to be announced by Neuren tomorrow as fact, it would doubtlessly have a material impact on share price. Hence, if this information was indeed provided by Neuren management to the Sandstone analyst, it would constitute inside information. Not only would that reflect poorly on NEU management, it would also reflect poorly on the analyst who, prior to publishing company reports, is obliged to sign a declaration that it does not contain inside information.

To be clear, I don’t believe that Neuren management have “leaked” this specific information to the analyst. I think that the analyst is just plain wrong and/or has worded things badly.

My main concern was that discussion on this forum seemed to be suggesting that the analyst’s “facts” were probably correct and would have been provided by Jon Pilcher. For multiple, important reasons, I do not believe that this was the case.