Ann: AGM Company Presentation, page-15

3rd party consultant or introducer (Murdoch?). If Murdoch people have already pushed the PYC wagon and failed then we are just talking about names in PowerPoints and I’ll go back to sleep. I suspect it is somewhere in between what we we are all saying - maybe something like this hypothetical -

Sarepta have a relationship with Murdoch because of the quality of the scientists/PMO discovery (well thats a fact not hypothetical)
Sarepta have ‘ heard of ’ PYC once or twice among many other ‘ heard ofs ’ through the Murdoch relationship.
Sarepta have never had a meeting or discussion with anyone at PYC other than labcoats at conferences backslapping and buying beers or they bumped into each other at Perth airport while on the way to visiting Murdoch.

Meanwhile PYC has developed something 40x or 4 times 40x more effective in delivery AND have hundreds more delivery mechanisms which might just be what Sarepta want/need to go beyond their USD8billion one trick DMD pony.

Question remains - do Sarepta actually know PYC (not ‘know of’ and what PYC are achieving or are we just putting their name in PowerPoints? I don’t want another history lesson on the last 4 years no deals or yes they know each other because they know someone in common etc

PYC have been mentioning them a lot lately and reasons I can think of are -

1. Trying to hitch reputation onto the Sarepta bandwagon (good try but minimal value)
2. Trying to show that there is a game changing move going on and Sarepta are at the forefront and PYC can play a critical role in exactly where they are aiming for (much better and creates a likelihood of a deal or takeover with $A700m burning a hole in Sarepta pockets)
3. They are already talking turkey behind the scenes (doubtful but massively important and near term massive returns likely)

We have been told something lately - I just can’t work out if it is worthless or massive.

My bet - no.1 but I don’t want the regret of finding out in hindsight it was 2 or 3. So 6 months (or by their timelines perhaps just into the 2nd half of 2019) should be enough time to know the truth. Like I said - If Ingram is one day handed Tribes mobile number - I’m a happy camper cause I reckon Tribe would know how to extract massive value and a person like that Is exactly what PYC has been missing for it’s whole lifetime if I understand all the history lessons.