Ann: Annual Report to shareholders, page-6

Here's my feedback from the Annual Report (which is the first really substantive update from the new board):

Wording from the Chairman gives the feel that WA-424 is MORE than a compliance asset and they are reviewing to see if they can progress further (If this provides any value, should basically cover the Market Cap).

Whilst they are setting up future plans and strategy, they have ~$1.7m in the bank with ongoing costs of ~$250pa (3 non exec directors getting $2.5k a month each, chairman a little more), no urgent need for capital.

Looks like the previous MD has sold his stock (or just about) and the previous tech director has only ~19 m left. PLUS, after those directors have sold, the current Top 20 own over 50% of all stock!

Looks like they have just about set things up how they want, management and ownership.

Cheers,
W