Ann: Appendix 3B-RAP.AX, page-36

Hi DMAN,

'Demonising'- pun and fun on the name. Don't get too hung up on that- you raised concern about escrowed shares. Thats all. No hard feelings.

I also like hard data and objective opinions. That counts for both negative and positive posts. So if there is doubt cast on UQ's willingness to hang on to the RAP shares I'd be keen to know.

In one way, for a long termer like myself, RAP either has potential to deliver or it doesn't: whoever buys and sells in the interim is irrelevant if the end product is good net revenue. In another way, I hate seeing shorter term investors getting scared out of their position for no good reason. I see it happen on stocks that I don't even hold and it still bothers me.

But hey, I am not saying you fit into that category; just curious if you have good reason to question UQ's intentions.



I'll address a few of your questions:

Firstly,I specifically asked management recently regarding the number of the escrowed shares held by UQ and I quite certainly recall the answer was 'Almost all of them'.

Secondly, one can attempt to find out by ringing UQ about their investment strategies, but I doubt UQ will disclose that sort of info. Given my discussions with management and the relationship they seem to have with UQ, I can only suggest it seems very unlikely UQ will dump their shares.

You ask for an objective view. I'd be thinking if UQ have a big picture view they would wait for it to mature and start delivering a dividend. That way it keeps on giving to budgets for years to come.

At minimum, if UQ were concerned about plugging a hole in tight uni budgets, they would wait another month before offloading, as then the US media and subsequent US interest would truly have set into the stock. In the short term, once this has been kicked up a few gears, 50 million shares can be mopped up in a blink.

But you could be right; maybe they don't look at each investment on its own merits and do indeed have a 'one size fits all' approach to buying and selling.

Time will tell won't it?

As far as the timetables go, it has already been alluded to by others but I'll repeat:

The schedule you pulled up earlier was made in 2015, when RAP originally planned to meet the FDA in late 2015. They couldn't get a meeting arranged with them till March. It is impossible to start a study in the US until the FDA approves it. I understand this pivotal study is starting shortly and has been displayed in every milestone table since the meeting with the FDA earlier this year.

Happy holding.

Cheers
CT