Ann: Chairman's Address to Shareholders, page-2

The chairman says: " the Pharmaxis share price does not reflect the value that has been created over recent years."

Value created for who? shareholders or the management team and employees??
Where is the plan to return to shareholders?
The business model is to use shareholder's fund to develop the drugs, and any milestone payment again going back to the new drug test...
By the way Gary Philips get himself another 690,000 free options today.

My reading from the presentation is, there is no big pharmas would like to pay them at this stage.