Ann: $7m Oversubscribed Private Placement & Launch of $1m SPP, page-29

A few take aways for me as follows:

Negatives
* Page 1 suggests senior management contributing 500k, but on page 10 it’s director participation of 400k subject to approval. What and who exactly?
* “Mailers” started in December 2017? A bit old school? Follow up “mailers” this month?  I’d like to get my hands on one of those....or perhaps it’s best that I don’t...
* Not one sale or short term intention to supplement the CR, or soften the news for investors.
* Product growth and acceptance will be slow, and slow sales growth predicted for 2018.

Positives
* Product life cycle is still in it’s infancy, and investors need to be aware that a product launch and resultant uptake will take time, especially given the capital outlay and niche market.
* St. Vincent’s abstract paper will be available in April, so we’ll get the skinny on their evaluation late next month.
* Cold calling on major private and public laboratories (a negative and a positive I guess....feedback is required by management on this front).  Face to face is probably best with APAS with (hopefully) respectful and glowing abstracts from St. Vincent’s to whet their appetite.
* Marketing has begun, and one would imagine you’ve gotta give the LBT team some time to find their feet in a nascent market with a product that as yet, doesn’t sell itself.  Working prototypes don’t grow on trees (I think that’s true).
* Product growth stage in 2019, that’s only 9 months away.
* Estimated self sustaining commercialisation in 2020....a few more sleeps, but it may be worth it.
* Not too long ago, LBT was a penny stock, so one has to give true and sustaining SP appreciation longer than a year based on FDA hype.
* Not one director has sold a share since 2016, even Lusia.

Willing to give them the benefit of the doubt for now, as this CR should be the last and they haven’t diluted the ‘cordial’ that much if it gives them enough for full throttle.  Have a look at some of the share registers of the ASX200, larger than LBT’s, and LBT will hopefully make the transition to an economically sustainable company with a nice register that partakes in a bigger slice of a smaller pie.