Ann: AGM MD Presentation, page-10

Nothing on the scientific side that hasn't been included in CU6's very detailed and informative presentations.

There was some discussion about the 15% SP drop on Monday, particularly on the back of (what CU6 management at least believe) was a very positive development with the IIT. Alan implied that it was an overseas investor that was the main seller, so some speculation around the Trump appointment of Kennedy, but as we know, and as Alan confirmed, there's no real logic behind selling down for that reason. Finally categorised (in a light-hearted manner) as a "buying opportunity" by Alan.

There was also a question regarding why the March capital raise was done at a discount given the level of over-subscription (confirmed as being 2-3 times) by institutions. After deferring to CU6's bankers (one of which wanted to take the discussion off-line, and one who provided a bog standard answer about attracting new investors) Alan offered the only potentially plausible explanation of needing to attract a cornerstone investor before the others suffer from a bout of FOMO and jump on board (completely believable in Australia). Implying that the over-subscription couldn't have been known in advance and in-part resulted from the attraction of the cornerstone investor.

My 2c is that CU6's independent directors don't offer much in this regard. While they all have industry experience, there's an abundance of that in the Management Team / Executive Directors already. Would be better to have one or two with financing experience (since this will still be a big issue for Clarity over the next few years) and who are better able to stand up for existing retail shareholders rather than being overly influenced by external brokers and bankers and effectively just being passengers in this regard.

Otherwise, all good. Plenty to be announced in the clinical trial space over the next six months.