Ann: Ceasing to be a substantial holder, page-52

As per the prospectus, these are the seed investors(below). From what we've seen with the ceasing to be a substantial holder notices, Grist got diluted below 5% after the capital raise and Hogan sold down below 5% in December.

The interesting point to raise is that, based on the notices, it doesn't seem like either of them were selling very much over the last few months. Both are class acts, but understandably they've got their finger in many pies and have to keep moving.

The selling picked up post the capital raising and has been relentless.

My guess is that many of the fundies who participated in the 26 million raising, bought in with the expectation that $1.30 was the base given the exception Phase 2 results. It was well-advertised by management, only open to sophisticated investors adding an allure of exclusiveness and it was very much packaged as an investment that would unlock value over the next few years if they held(which still holds true)

However, poor communication from management around the regulatory advice and the prospect of two trials in the US shattered the confidence of some of the fundies. I suspect that a few have sold on the basis of a lack of faith in the Invex Management.

With a limited amount of stock on issue and over 60% held in the top 20, the result of a few fundies selling have had a devastating effect on the share price.

Management have made the right steps to restore investor confidence, however, it will only be restored after the advice from the Type B meeting with the FDA. If I was a prospective investor, I'd wait on the sidelines for the SP to keep falling until just before the Type B request is made in 1H 2021 and ride the rocket if the FDA confirm one pivotal trial.