Ann: Appendix 4E and Annual Report to Shareholders, page-3

No Managing Director's letter, Interesting.

While they didn't cover it as much as I would like the Directors' Report did include the following on IP:

The Company is conducting ongoing research and development activities with the objective of commercialising the Company’sIntellectual Property (IP). In particular, the Company aims to develop and commercialise IP around the production andsubsequent processing of microbial cellulose. The primary focus for commercialising this IP is in the fibre and textile sectorswhere the Company has already received strong interest and positive feedback.

At least this tells us they are dedicated to getting a patent for the production of MC as well as the later things they do to it.

The top 28 shareholders own 65.75% of the company. This compares with the top 24 owning 62.86% from last years annual report. This indicates not much of a change.

There are 546 shareholders compared with 564 from this time last year, indicating not much of a change.

As expected, not much in the annual report, although I do agree they don't spend that much on research and development (partly because they share the cost with third parties).