Ann: The Annual General Meeting, page-33

Wow. That's all I can say. I'm a huge believer in the long term viability of Alexium, but I am nothing but disappointed with this speech and presentation.

Blaming the current share price on 'stock churn', give me a break. What is that anyway? Isn't the whole point of the market for shareholders to buy and sell the stocks they are interested in. How long they choose to hold them for, or what profit/loss they make is their prerogative. I'm disappointed such an unenlightened comment is made by the chairman. Whilst at the same time trying to defend his bloated pay packet, and complaining that the instos took bad advice. Again isn't that their prerogative? I do agree that to lose Metz would be a blow to the company, however the pay structure at the moment is abhorrent. They say they've met their goals but have they?

We were supposed to be cash flow neutral by July. We're not even close. Take a look at the blatant spin in the presentation. This is what upsets me the most! It says on the bottom left that the key statistics are accurate as per 21 October. Yet the cash figure is the only one expressed as at 30 June. I'll give u three guesses why? as per the last 4c cash is 8.5 million, and if cash burn is 450 thousand a month we can expect cash in the bank of 7 million by the start of the new year. I'm not angry about the miss, its business and I accept that. But to be rewarded for that miss? Get real! Not to mention can anyone make heads or tails of the revenue figure we are supposed to make this year? Let alone when profitability will come.

As per the annual report Rezos's pay packet went from 307,000 to 830,000. Nicholas Clark's pay packet went from 582,000 to 1.38 million! Yet during the same timeframe Bob Brookings pay went from 196,000 to 210,000. Dirk's went from 190,000 to 233,000. Seems to me that the board and management only want to reward the senior executives, not the real work horses. Seems like avarice to me.

All of these pay rises also occurred whilst the share price was stagnant. In fact fell. I'm not against fair pay to the board and senior staff but that should always come after profitability not before it!