Ann: Appendix 4C - quarterly , page-26

Ok, so last couple of days there's been a bit of a flap on over the 4C appendix. Now seems like the dust has settled a little and the price is stabilising. On reflection, I don't see that the 4C has told us anything we didn't already know. We know the R&D has a high cost; that was the reason for last Dec's Cap Raising and the one a year before that. At this price the firms cash balance is accounted for but not the firms accumulated R&D knowledge! The R&D taking place over the last few years has produced kowledge for the firm and surely this is worth more than the 2/3Mil at this market cap. The market just needs to reassess this. An announcement on one of the firms project progressions will be what makes this reassessment take place.