Ann: Appendix 3B - Release of Shares from Escrow, page-29

You are contradicting yourself by saying you have supported the company for over 15 years and participated in past capital raisings and then mentioning this board is incompetent who don't "give a stuff about shareholders"

Management haven't mucked around the past quarter and have made solid inroads. This is far from a lifestyle stock with less than half a million burn and almost $7M in the bank.


Kulpacs, Rumble, Brumley aren't involved for a holiday. All three are in the T20. The rest of the board also have sizeable holdings. Peter May also wouldn't put his name behind a company with no prospects. According to his LinkedIn page, he is now the R&D head for BGT https://www.linkedin.com/in/peter-may-9761a62b/

Rome wasn't built in a day, and I agree a commercial deal is realistically a year+ away. Although the possibility of partnerships with a global agchem company should not be discounted or underestimated. If this was a biotech stock with the same commercial incentive, we would be trading at multiples.

The product works, Virbac were analysing for a niche purpose on cattle and the effects on ticks and buffalo flies and had in house testing. Since then the company has announced fundamental breakthroughs in toxicity and insects including:


- Green peach aphid https://www.asx.com.au/asxpdf/20180426/pdf/43th4xlc6ymvs2.pdf
- Russian Wheat Aphid https://www.asx.com.au/asxpdf/20180409/pdf/43t1mbl9r06dww.pdf
- Brown Planthopper https://www.asx.com.au/asxpdf/20180326/pdf/43sq80dgsf25n0.pdf
- Lesser grain borer, saw-toothed grain beetle, the rusty grain beetle, rice weevil and flour beetle when used in combination with other compounds https://www.asx.com.au/asxpdf/20180528/pdf/43vbqklk7cb3z6.pdf
- Low Toxicity for Bees https://www.asx.com.au/asxpdf/20180618/pdf/43vtzkzvy6bldl.pdf
- Low Toxicity for beneficial insects https://www.asx.com.au/asxpdf/20180723/pdf/43wpp52x7qw2g1.pdf

Some of the above studies were done in the field and are hard to ignore. The hard work is being done and many agchem companies will want to take some of the above results a lot further with BGT - either with existing compounds or by itself. There also is the upside from Qcide.

When Flavocide is registered with IRAC as a new compound (come December) then the tables will again shift in our favour as further IP is created and acknowledge as a new mode of action which differentiates us further from the competition.

All this for an EV of less than $10M with no CR need in the foreseeable future. Like many other shareholders I'm in for the long haul and happy to pick up stock being given away practically for free.