Ann: Investor webinar, page-64

(I always use volatility at 80% or 90% ... why 60%?, seems too low.)

Your mathematical theory isn't valid here as the 7c options have doubled the share value for all shareholders. By offering a group of (smart) investors 7c options, the stock price has doubled! And the company has a much better chance of a successful future.

So not only does the company raise at 7c, when the shares were on market not long ago at 5.4 (I think that was my cheapest purchase ... memory?), the group of five just gave the company a blood transfusion/heart transplant or whatever analogy works for you ... so has doubled the market value of everyone's shares.

It's the old glass half empty versus glass half full scenario.

Someone raised the comparison about companies who print performance options for directors etc A valid comparison as ILA accepted a cash deal, a deal that solved a major issue for existing shareholders that just doubled their share value ... probably trebled actually - we'll find out later this week. A much better deal for shareholders than just printing more options for existing directors.

(Look at that other biotech that you are in that sells for 2.6c currently ... they have killed the SP with their SPP/raise even though the directors put in $1.13m ... as the company is the same as it was before that SPP (that I assume you will participate in). Why is that? It's because there's nothing optimistic about the deal)

Whereas here - An optimist will love the offer, (while a pessimist might hate it). And markets/SP value run on emotions ... SPs only run when greed exceeds fear.

At the end of the day ... all that matters is/are( the share price and) the chance that the company succeeds ... and if it takes 7c options to do that they get my vote!

(This isn't too far away from when that other company was trading in the 60's with the DCB issue. It took the SP to drop so far to encourage one director to make the commitment to revive the value of his investment thus avoid losing his fortune. He had to be dragged over broken glass to make that commitment (and I helped the SP drop (considerably) by selling bundles then).I lost heaps on paper but I knew I'd do better in the long run if that director made a commitment to the company (and DCB left) and steered the ship out of trouble. Nothing different here, now! It's about having the right people onboard. People forget - there's always another opportunity out there somewhere - and right now it's ILA!)