Ann: Altech - Schedule of Patent Applications Update, page-52

Im still to see some business reason for this fall. We've had $10m (@14c/Jul16), $17m (@14c/Oct17) and $17m (@16.5c/Jul18) put in by sophosticated and inside investors, buying us $20m in development expenditure and $8m in land and property alongside other running costs. We're at the financing stage with 65% of the projects finances signed off. Confirmation of the mezzanine due dilligence will see us get most of the project cost funded with working capital the only unknown (OPEX has been $2.5m the last 3 FY's if thats a guide). The economics still stack up for me.

The market side seems to be whats driving all this. It will be interesting to see if there's a level that the institutional investors will look to acquire at. It's fair to say they've been non-existent in October. Having watched bid and offer transactions over the last month it does seem to have been driven down tactically. I still don't see how this would benefit major shareholders (let alone small holders). Dilution is only going to Impaft the significant 12.5% of the company held by the directors signing off on future financing proposals. I feel we're in the middle of some tactical trading, but I can't see how it plays out. Its been a tumultuous month globally, will invest again when a bottom seems to settle for a few days. I thought that'd be 10-11, but that's certainly wrong!