Ann: Annual Report to shareholders , page-6

Admittedly I was very wrong with what I said about travel/admin expenses and would really wish to be able to delete those comments if I can.

I will flag my own post to delete them. Net travel increases was only $0.04m, my sincerest apologies to management.

Travel expenses:
FY13 was $0.18m
FY12 was $0.14m

In regards to capital raise, it's just simple maths and common sense. LBT historically operated with $3m~ working capital buffer.

We finished FY13 with $0.8m cash at the end of FY13 which is not a sufficient/comfortable amount of working in the current R&D cycle. We are in the dark regarding timing of future payments as it is outcome base not time based.

The $2m JV signing fee will be churned up by any taxes and the current burn rate below only increasing as we strive to reach outcomes:

FY13 net decrease in cash= -$2.1m
FY12 net decrease in cash= -$0.4m

I'm just saying that previous quarterlies have been very light with the details. Q1 cash will look outstanding given the $2m payment.

May all be proven wrong if management guidance is that we are very close to the first APAS milestone payment.

Cheers.