Ann: Appendix 4C - quarterly, page-151

Hey Jay, your last para, ‘.... Like I said it should ...’ one, just a couple of observations.

One; Imo, too much venture capital, to be risked, for this to be kept private, at the inception,  why in the heck would a PE group invest and keep private knowing, presumably, the hurdles and massive costs of R&D and risks involved in the bio field?

Mum and dad/retail investors blazed the trail, imo, by supporting start up companies, ..... in a ideal World with major sub holders AND BOD with significant skin in the game particpating. This seemingly was NOT the case for Admedus, and as DV/ ralom and yourself said, in effect, ‘warning bells’.

Minderoo did not support the many  CRs (?), basically just mum and dad investors/retail investors who were the front line ‘losers’ to keep the company ‘going’, this outlay, possibly,  potentially paving the way for a PE group or pharma to ‘mop up’ the rewards at a far later date.

Am on record for saying it was a race against time to receive revenue surpassing cash burn, regardless of how much in the pipe line AND the blue sky of the vaccines. Largely rubbished and ignored,  that’s fine but it turned out to have more than a kernel of truth, unfortunately.

Light bulb moment?, you betcha!, lol.

Further  ‘light bulb’ moment!! That on resume of trading that  further major sub holders not bought on board and BOD neglecting to support in A MAJOR  WAY.

Hindsight is great ...hey?? , yeah it is .... why? That NEXT time a investor trades the hype, not fall in love AND realise the risks involved, ESPECIALLY if BOD do not have major skin in the game AND lack of major holders in the top twenty AND major holders, if there, NOT SUPPORTING THE DREAM!.

Not angry nor hysterical, lol, those are the facts as plain as the nose on my dial, imo, that I have learnt at considerable financial costs, doubly so as a low income earner, yeah .. boo hoo, absolutely, my naivety/greed/hopes etc.

Despite that, on the plus side, a great Wife, good health and a humble, simple Life, that we are both eternally grateful for despite not having ‘Wealth’.

GLTAH.