Hi there HS,Agree there is a dilution but am personally very...

Hi there HS,

Agree there is a dilution but am personally very happy about it. We are not in the fortunate position where we have an interest group financially backing us (such as for example NEU from a number of groups). Funding has always been a huge problem. For years we raised $$$ from a group in the States which used to buy at discount and drip-feed them back on to the market. Every single time we have had to raise funds there has been a dilution and it was as if there no good news to start with. Not that the company had much choice.

This time there will be a one-off dilution but that will be it until 2016. If we had needed CR's during that time, I think we would have had dilution in multiples of this. Imagine 4 raisings of $6m over 3 years!!! SP has already come down but what can you do. Hopefully the funds are from group(s) that will remain on the register.

In previous posts (many months ago) I mentioned my belief that one of our main problems is a lack of a cornerstone investor, and maybe those days are gone. Hopefully no more presentations showing the top 20 shareholders owning 10% of the shares).

The science is looking good, we have finance sorted out for some time, and management has been good - esp at managing funds in hard times. Think this is true of Bryan in the past and Malcolm now. Have always been impressed at the 4 or 5 AGM's I have attended.

Am sure it will not be chocolates and champagne just yet, but next there is good news I hope there will be a meaningful increase in the share price.


All the best, everyone.

KMS