Ann: Letter to Shareholders - Upcoming EGM, page-241

As far as I am aware you have to refer to the subsequent event in the directors' report and if you have an explanatory note you should still refer to the note at least. However just another of the foibles of AJX. I am surprised that that subsequent event wasn't referred to in the loan note as that was settled the same day as the signed report. I don't know how you can reduce the interest rate but I suppose the nominal interest rate is lower - again one of those AJX processes.

As regards the assets encumbered:

In the notes to the meeting:

"3. Guarantee and Security Each of Alexium, Inc (Delaware), Alexium, Ltd (Cyprus) and any other subsidiary of the Company guarantees the payment and performance of all obligations of the Company. The Company has granted the holder a first lien over all assets of the Company, except as specified in the Securities Purchase Agreement."

Always remembering that I don't have a full agreement to review - however it would be common that in the share purchase agreement it would discharge the security as the debt would cease.

I used to hold shares and would love to again but ...