Ann: Appendix 4E and Annual Financial Statements, page-5

The Chairman blaming the share price on a lack of liquidity shows a lack of understanding how the market views VTI.
A share price only drifts down on low volume if no one wants to buy / accumulate.
By definition, no one is supporting the stock price, so sellers have to sell into the bid and lower the price.
Why is no one supporting the stock price, because revenue growth isn't far exceeding the cost deficit.
The market then assumes that VTI will come back to the well and raise capital again.
Why buy on market now if you can just grab some in a capital raise at a lower price later?

The Chairman also seems to think the data or clinical trials will save us.
This isn't a sexy stock, with a great narrative, or a new trial drug that will save the world.
We are selling contact lenses, important ones, but the market isn't buying the story.
And the market doesn't value CSL or COH on their R&D spending / potential, they value it on the reliability of revenue far exceeding costs!!

That means to impress the market and generate buying interest(and support), the market needs to see something else.
We need to generate more growth, or at least keep it going, but with much much lower costs!!
An insight into sales outside the US wouldn't hurt either!

Nothing else matters, it is that simple.

Then the 'watershed' moment can happen at $3, not 35 cents, which is where we are headed as they keep burning cash.