Ann: Completion of Placement, page-161

What do we know?

1. Deal valued the company at a pathetic 33 million AUD. What confidence does that give investors of future potential?

2. No explanation was provided as to the need for 7 million AUD + current cash and receivables. How can you assume anything other than directors and management lining their own and select pockets?

3. Existing shareholders have not been given any opportunity to participate in the raise. How can you assume anything other than directors and management lining their own and select pockets?

4. This deal took nearly 2 months to be finalised post FDA approval. How can you assume anything other than Management providing time for the price to be manipulated down to where the trough sits.

5. "Mr. Barnes who has purchased shares in the first opportunity available since starting as chief executive in August 2016". No other price sensitive information has been released post FDA approval. Mr Barnes has been privy to this dirty deal for a very long time.

6. This deal took nearly 2 months to be finalised post FDA approval. No argument can be made that rights issue or SPPs for current shareholders are protracted or inefficient.

7. Timelines continue to be pushed back. What has Barnes achieved in his 4 months as CEO?

8. Raising wasn't announced till after AGM? Directors and Management knew what they were doing and didn't want re-election and remuneration to be affected.

9. The only thing Barnes has achieved so far is this greedy deal.

10. Attaching options mean that new investors have no incentive to support price, as they already have risk-free exposure to the upside without needing any capital invested.

11. Barnes and the Directors pull generous salaries. This deal gives them a nice cushion to pay themselves for a very long time, and no pressure to actually deliver on commercialisation of APAS.

12. Directors are only putting up $340k from the $7million, not exactly a noteworthy commitment.

13. Votes for approving the second tranche have been purchased from the mates that were offered free money in the first tranche.

14. This company is going to be diluted 25%, with a pre-approved additional 10% placement capacity still available.

And I'm sure there are points that I've missed.

This deal has to be illegal.