Ann: Chairman's Address to Shareholders, page-39

All TT-034 reporting has to be curtailed if efficacy is not going to be reported on. Why? Because at our current cash burn rate and with the continuing delays in the trial, we will run out of cash BEFORE any end-of-trial efficacy data is available. ($32M in the bank end of Sept. $7M burn per quarter. Q4 2016 trial end becoming less likely by the day.) This means more capital raising because, as we have been told, there will be no deals until AFTER TT-034 is a proven treatment.

So, new investors will have to be kept in the dark, with the hope of a possible TT-034 success and a spin-off to HBV. But who will invest new capital based on this scenario and with this mob's track record? They have been incapable of selling ddRNAi up to now, so how are they going to get shareholders out of this jam?

Our best bet (without the benefit of any information to the contrary) would be for Benitec to merge with another company, one whose management has a least some idea of how to run a biotech, with all shareholders getting shares in the new company.