email exchange with michael, page-85

You make repeated comments about capital reconstructions. I'd like to know your experience in designing and implementing these.

I have worked for several ASX listed companies, reviewed numerous capital "reconstruction" and recommended to the board......a big fat zero.

Fact; they don't work and most shareholders, and in particular sophisticated investors, view them as an attempt by mgmt to distract from poor performance.

If you have 2.3b or 233m it is irrelevant to the mkt cap. Performance is what matters. Other bio hopefuls such as PRR have 1b+ of shares on issue, and it is not holding them back.

To suggest a capital reconstruction will solve ISN's issues is just plain dumb. Performance by mgmt is the key.