Ann: BMI World Tour - Corporate Presentation, page-115

I also spent some face time with Joe yesterday, some alongside In4apenny. I generally endorse his complete summary as posted.

I did press Joe with his views on current share price and potential sources of capital for P1.

When I told of my surprise at the lack of price reaction to the recent PP results Joe admitted he was surprised, and disappointed, by recent price action but didn't dwell on the share price, as you might imagine by a CEO. I asked whether there was any indication of recent accumulation of anyone trying to build a strategic stake. Joe visibly engaged on this issue and indicated that there was not as far as he could tell, but that there was a 2 day lag before he would ever know and that he was on the lookout for most recent info. This is an open ended question - keep a weather eye open.

I told Joe that I thought that what we may well have to wait for financing for P1 before the share price gets a real kick along, and that if LPD had a strategy that part of the capital requirement would be raised through the exercise of options then that may not come to pass as the options may well expire out of the money. Joe replied that capital from this source was NOT in their current planning horizon and indicated that a "cornerstone investor" is the most likely source of required capital. I thought Joe appeared quite relaxed about our current capital positioning.

Maybe he knows something I don't!

Hope this is of some interest, if not value.