Ann: Arrowhead BID Updated Research Report Availa, page-12

re: Ann: Arrowhead BID Updated Research Repor... Pogues et al,

Its a report on a specky!

For mine its a brave call trying to put any value on the company. As to the changed valuation I have not made a close comparison but the reduced market cap must surely have an impact as would their change in "Key variable analysis for valuation"

I've been in this share for many years and I have chased it all the way down so my hope is that MDV can kick a goal or 2 and we can see a re rating (as opposed to a re ranting).

We as shareholders are justifiably uninformed because much of what goes on at this stage must be commercially sensitive. I choose not to believe that we have been misinformed.

The share price has been belted along with the rest of the market. The problem has been exacerbated by what appears to be Dutchess Capital dumping shares. Their job is to lend money - not to invest $20,000,000 in the company so we can hardly blame them.

I attended the EGM 1 month ago and Paul appeared to be genuinely confident. Time will tell whether that confidence was justified. Here's hoping!

Cheers

CJCC