meeting, page-28

For people with no direct interest in AVX, Biotek and Jev sure don't mind banging on and on with the same old story. Not sure why, given that the time for that argument was before the vote and it seems 80% of shareholders were pretty happy to change course. (spare me the drone about the million plus shares Jev has through CZD - if you can't vote, you aint a shareholder)

And spare us the the constant bleating of "Oh, the announcement said the board was unanimous". Yes, that's that is what the announcement said. And if you're silly enough to believe that means all board members agree(d) that ATC is dead, then you need to get out a bit more.

If there was complete agreement, then isn't it amazing that.....

.... none of the ex-board members and management (count them.....none!) came out publicly in support of shutting down ATC at any time up to and including the EGM. Apparently many were at the EGM, yet none came out in support of that story, even though it would obviously have helped the management if they had voiced support. From what I've heard, some were voicing quite different points of view to interested shareholders.

.....Baini has joined the company again, which must be a huge shock to Jev given he takes every announcement literally, including the earlier announcement that he was resigning from the board because didn't have the time to be a board member.

People are really quite happy to debate the merits of what is best for AVX now, but at least be honest about the debate. I can certainly see the argument for people who say there are serious doubts about the commercialability of ATC simply on the basis that if it was fabulous, it would have been partnered before now. There are plenty of other doubts too, but don't make up announcements (eg Biotek saying AVX closed the phase 3 trial to cancel the program), use some common sense (there was obviously disagreement within AVX over what to do with ATC) and don't make up straw man arguments (such as suggesting a review of current programs equates to a committment to 'waste' all remaining money on ATC when it will clearly cost only a tiny fraction of that). We all know this is a big risk and it may well fail and see us back to where we were a week ago. Butt there's a chance it won't and I think most shareholders are happy to have a management to explore all options. And now, time for a beer in front of the footy! See you.