Ann: Share Placement and Collaboration Agreement, ENC Expansion, page-13

I did say 'borders on' irrelevant. Clearly I didn't suggest that it WAS irrelevant.

And I agree that in many if not most capital raisings that the market price is quite relevant. However it should be self evident here that in THIS CASE the market price was far less relevant otherwise management would have never managed to extract the premium they have done.

I also agree that it is a rare occasion. But I would have thought most of us holders agree that the previous and even current traded price does not represent fair value.

50% of my portfolio is NIC. I certainly am putting my money where my mouth is regarding it being undervalued. I also can't deny that I have sold some a few months back to decrease my exposure from extreme to just heavy.