Ann: Chairman's Address to Shareholders , page-8

At the end of last year it was a minefield for ipo's, now it's easy, especially for biotechs.

Also ACL don't really need to raise any cash, as they are full funded now.

In fact there might be $250m in the bank from a fonda and HyACT deal, so then we really won't need any cash. But it would be good to have HyACT listed in the US. Success in the trial would see the US give us a multi billion dollar market cap.

If we do end up massively cashed up I would like the company to do on market share buy backs personally.

Cheers