security trading policy, page-26

I hate to say it, but even if approval is within 2 weeks, i dont think now that we will see any massive gains in the SP post announcement. The price action to date is nothing like what you would expect for a stock that is so close having a "company making" announcement. In fact I daresay that the SP has already factored in the likelihood of approval already. I think that we will have to wait until first sales of fonda before any reals gains are made from these levels. However, having said that I really hope I'm wrong.

Cheers,

I hold ACL