Ann: Appendix 4C - quarterly, page-199

Even if what you're saying is even partially true, it's not the whole story is it?

It's laughable to want to sack the team.

Stay calm. I agree that negotiating a JV is less favourable than if we were more financially secure. BUT if the line of credit is with sensible people they will waive conditions. It makes zero sense to smash the golden goose does it? Elementary finance mate.

I've been through far worse before with other stocks, believe me. AND I have sold out some of them because I realised they weren't going anywhere.

An example is Clinical Cell Culture (now Avita Medical), who messed up badly. I concluded they weren't going to recover so I sold out. Why? The market simply isn't big enough. The margins not enough. The clinical trials just went on forever. Lovely inventor though. Lovely story. But the outlook wasn't good enough.

MSB is one which I have mentioned which was shorted massively, and has had all sorts of issues. BUT the science is revolutionary. The market colossal. The contrast with Avita couldn't be more stark. The parallels with AHZ are however, simply there.

They have several funding arms. Big pharma apparently wanted to smash them. But they held firm.

The weeping and wailing that went on in HC was astonishing. People got emotional and sold out, not looking at the upside and quantifying the chances of success.

RISK vs REWARD is what this is about. Everytime.

You imagine the difficulties that AHZ is experiencing means everyone in the sandpit plays fair?

IMO it's not by a long shot!

Finance will happen IMO. A JV likely too. IMO.