A message to the Board,, page-4

Gotta love the board bashing comments, are they due at this point in time? Not really. If it tanks - yeah... A couple of comments on the points above.

Sure whilst I was a bit shocked with the options on offer whilst reading the AGM notes, I had time to ponder the following

1. As a current exec and non-exec board member there is usually a lot that goes on behind the scenes (that would be kept under wraps until PH3 info is released) that will go both un-noticed and unrecognized, and people will bash them around for this fact without knowing the facts. FACT: Unless they release the board minutes every fortnight (they wont!) we won't know what is going on.

2. I EXPECT though with the appointment of Costa, Liquard and their experience they have significant exposure to big pharma (and specifically the companies that are interested in this technology) and know what sort of LONG TERM deals (no firesales here) would be acceptable to GROW the company for what they have on their hands IF it works as expected.

3. If the board announce that a deal has been done with Pfizer or Merck that triples/quadruples the share price, secured a $50-100m cash up front payment/double digit royalties they won't announce that due to "Costa's"/ experience alone that this occurred. It would have been a TEAM effort, and mind you a great effort.

4. If they pull this off, really I don't care/don't think its unreasonable that they get rewarded for doing this as EVERYONE will get rewarded. Sure some have been in this for 5+ years (myself included) and bought at double the CURRENT share price, but at the end of the day whilst its nice to make a tidy profit, fundamentally we are funding research to help very sick people without too many options left.

5. Tracey for a board position - there is a current push in the market for board to be completely independent. So whilst personally I like the idea, from a governance point of view its not an ideal situation as the board should remain independent.. Again without ACL publishing her employment package for everyone to review, you don't know the conditions/rewards that she gets pending the success of the PH3 trials.

Lets keep the lid on and reserve judgment for everything POST PH3 announcements.