Ann: Change in substantial holding, page-8

Exactly.

We can only value on what we know v potential based on management, disclosed info, comparisons, a guess on whether the market will one day notice the stock etc

so far we are pretty much wrong but tomorrow is always a new day.

many stocks I have done well out of change valuation significantly on seemingly innocuous news - I don't understand some of the triggers - I just try make a determination on value today v potential value one day.

Obviously I think PYC is undervalued for its potential - I'm not saying it should be valued at $100m but just that it could be on very little 'apparent' progress when really it was just the cumulative achievement of all work to date being recognised.

I am certain that if it was listed in the US they could raise $20-30m and would be valued in the low hundreds of millions on potential. One of the problems here is still that our development capital is still infantile and drip feeds 1-2 years of cash flow at a time.

in PYCs case I think they really believed they were going to make it big and hence tried not to dilute further but it didn't come off. There will be more CRs for this company but I have no idea whether they will be at 1c or 10c or 30c

at the moment it is vulnerable because of the valuation - vulnerable to large dilution and also to being bought out cheaply. The only defence to a cheap takeover is you would have to get the Hockings to agree and they seem to think it has a lot of potential.

Even though the big pharma deals didn't progress it is worth remembering that very few Aussie companies get $100k upfronts let alone million dollar ones. According to the presentations they were very successful with the Jannsen end point but Jannsen took a different direction.

Genentech was a meaningful announcement but no one is watching - it is my understanding that Richard is setting out trying to address that issue but to get people attention you have to have something to talk about - hopefully he has something to talk about because it seems he has started to pound the streets.