Ann: Macquarie Bank Conference Presentation, page-26

The listed Regal fund publishes its net asset backing (NTA) weekly. The shares were selling at a premium to the NTA as they have a good track record, but not surprisingly it is now at a discount to NTA following the ASIC investigation. In addition the NTA has dropped from 2.84 to 2.69 in the last 2 months since buying into PET. However, it is a large fund worth around $300 million in assets, so while the fall in the PET share will not have helped it is only a small part of the fund. As they have not lodged a notice of being a substantial shareholder I assume the PET shares held by RF1 are under 5% of PET (ie less than $25 million at the current price). Note they also have unlisted funds.

I doubt if they short PET themselves as they said they had been buying on market and were bullish about PET, but they might have lent out stock to others who short, as Regal then earn a return on the stock lent out. I think PET basically needs to get more transparent about current contracts and lock in more following the trials. Runs on the board is what we need. I doubt we can rely on help from Regal.

Just my take. Hope this helps.