Ann: Appendix 3B, page-41

I also got out recently at 4 cents a massive 6 figure loss but after I read the last quarterly I just don’t believe the ‘dream’ anymore.

I thought Wayne was going to turn this around but unfortunately his self-confidence is 10 times what his actually skill level is, the last round of dilution was the real nail in the coffin at such a low price.

Wayne has a silver tongue and is a great talker that’s probably how he worked his way up in companies like Merck. It’s probably a lot easier launching products working for them as of the massive amount of resources available being at a billion dollar company.

Pretty much everything Wayne promised didn’t come to fruition for example meaningful sales of 3D, VascuCel, also the sales everywhere else have been a pittance do we even get any sales from MENA or India?

Wayne wasting money on device engineers to reverse engineer infusion products as he was going to try develop them in house then sell them for a better mark up then changed tactic to try sell the infusion business, which also hasn’t happened yet and if they do sell it what will they see enough cash burn for a quarter or two hardly enough to get them through to cashflow positive.

What they need is a TAVR deal with an upfront of at least 20 million and sell infusions but even if they did that I bet Wayne would still just blow through the money.

When we got Wayne I was originally happy because I thought we were getting a professional but his enormous wage is helping run this into the ground what we really got was Lee Rodne 2.0

I also get the feeling the so called competitive advantage of the calcification free isn’t such a big deal to the surgeons otherwise they would be have swapped. But also going up against the bigger tissue players would be hard as they would have so many more reps on the ground and it’s only going in our competitor’s favour more as all they would have to do is show the surgeons a picture of AHZ’s share price and say they might not be around in 6 months time.

I’d been holding for years since the original CE approval in Europe what a massive waste of time and money it’s been the only thing you can take out of it is the lessons I suppose.

I will never believe another management team again do what Ralom says ride the hype early and get out as soon as the story starts to unfold. Or invest in companies that pay dividends and have increasing profits not just believe narrative.

My loss will take me years to recover but I can’t just blame management as it’s the investor’s job to spot the bullshit and I made a lot of errors like chasing it up and still holding on while sales weren’t meaningfully increasing.