shareholder corporate action, page-28

Hi Nuke -

Sadly, they probably don't give a rip what retail shareholders are complaining about. It's the top 10 / top 20 shareholders that control things.

The company has all the cash they need, and about the only power smaller retail holders would have is if they organized enough to get together 5% or more of the shareholding - in which case, they could make some waves.

There are people on the boards who if they organized, could come up with that 5% pretty easily. I know who the major holders are, but don't know where they stand on some issues.

The chairperson seems to be in full support of what we are seeing - if Wolgen got a raise while the company fell materially behind on major events and while shareholders did not see a return since April, then obviously the board isn't much help for those who are complaining here.

If someone has had their breaking point, they will sell - that's about all they can do. Unless they want to raise some questions at the AGM. From my experience, retail holders in Clinuvel just get mesmerized by Wolgen's promises each year. It's become an annual pattern.

If they come through with good Phase III EPP results this quarter (I'm thinking more like January), then I'll be happy as long as they enter Phase III in the USA before the mid-point 2010. But I personally would expect that to be delayed given the patterns.

Unlike others here, I'm not sold on the idea that the PLE results are a slam dunk. So that is still a nagging concern for me. If those results are not good, I would no longer consider this a strong buy.

Only 4 weeks until the AGM - I think we might see some announcement before then. PDT results and EPP prelims are certainly due.

Obviously, there is not going to be any kind of runup before the major news breaks. That's disappointing and it does show that those on the sidelines are not willing to take a chance on this. That alone speaks volumes.

Good luck to all of us this quarter - it's make or break IMO.