This was by far the most comprehensive series of presentations made at a NOX annual meeting. There was so much valuable content that I suggested the video be uploaded to the NOX website.
On the subject of the MRFF grant, GK said:
1.NOX applied for a number of grants
2. NOX did not rate MRFF chances highly, as these were typically given to hospitals
3. NOX was surprised to receive a note saying that their application was successful
4. GK asked team to double check
5. Dept confirmed application was successful
6. GK asked team to tripple check
7. MRFF had listed NOX as successful on its public website
8. After confirming grant, NOX had an obligation to report this to the ASX
9. NOX got a call from the Dept. 10 minutes later to say it had stuffed up
10. The Dept was deeply apologetic, said error was entirely theirs
11. Luckily, GK was able to achieve a trading halt within a 10 minute window
12. Options are either to say shit happens; or to argue that there should be some remedial compensation
NOX Price at posting:
46.5¢ Sentiment: Buy Disclosure: Held
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(20min delay)