Ann: Appendix 3B , page-4

I think the message prior to trial results was that Prana should raise whatever level of cash they think prudent to cover the possibility of disappointing results. They should raise that cash in one share issue (like the SPP about 18 months ago) and then stop interfering with the normal market mechanism. The continual drip feed of issues was dampening potential upside. They only needed to raise cash prior to the event for the possibilty of bad results since they could've raised whatever they liked at much higher prices after good results.

The problem wasn't raising funds per se, it was the manner in which they were doing it.

The latest issue indicates either they didn't anticpate disappointing results or the $25m they have on hand wasn't prudent enough or some other path forward is being taken which wasn't in their earlier planning.