and further, page-2

I maybe being a little Machivillian but today's announcement could indicate a positive result in the trials. In short by not offering the same terms to existing shareholders (a major gripe of mine) the board has now assured shareholders will vote down the option issues 2 and 3 and I think that's exactly what they want us to do.

If board members and management are honest to their positions they can not vote on the resolution. Whilst they may argue it in the best interest of all shareholders, by not speaking to existing shareholders who could have funded the company they have lost this defence and therefor must let an open vote happen without them participating in the vote. If they don't abstain they are opening themselves to an ASIC investigation.

So why would they walk away from raising further funds from existing shareholders? Simple, results are good, minimise dilution by getting pissed off shareholders to vote against the extra options issues, knowing they themselves can't vote. Announce good results and look to raise from there.

The alternative is bad. They know results will fail to excite market and there's no use in making an offer to existing shareholders because they're not going to play once the disappointing results are announced.

Perhaps I'm being to optimistic, alternatively the actions of the current board and management is taking me back to the CBio days and perhaps these guys will also end up in court!

DYOR, IMHO etc Etc