Ann: Board renewal update, page-4

Not sure whether any other shareholders have been following the short position in PIQ. As at the date of the announcement of the termination of the Sonic agreement (11 Sept), PIQ was short approx 0.05% of its shares on issue (SoI). This equates to about 66k shares (which is a very small short position). Since then, and as at 30 October (the last recorded short update), there has been a 10 fold increase in PIQs shorts to 0.55% (or 722k shares). While not significant in real terms, the % increase in such a short period of time since the Sonic agreement termination is in my view, significant. Therefore, a reasonable number of trades occurring in PIQ are be used to deliberately push the price down rather than it coming from impatient and/or irrational and/or uninformed holders.This can be seen each day by sellers filling the gap down with smallish trades thereby putting sustained downward pressure on the share price.It will be interesting to review the latest short position update to see whether the trend is continuing. If it is, then this would appear to confirm a lack of confidence in the Board's new commercialisation strategy.