Ann: Change in substantial holding, page-52

We had the same thing last year when we released the 5-Path strategy. There was no massive uptick in the SP and it took until the new year before the SP got over 20c. At the time there were a whole lot of people who sold out as they liked the old strategy more than new one, this is despite the old strategy (NPP) completely failing.

While we have given a new title to our current strategy, 2/3rd of it is the same as the previous 5-path strategy. What we have done is re-orientate our plans around the major driver of SP value which is the sub-area of oncology. The figure shown below is from a large analysis done by Torreya of all 255 listed “small” (non-big pharma) oncology companies in the world (yes Race was part of this study) and the enterprise value of the companies in each sub-area. The 5-Path strategy put RAC in the Cytotoxic category where the median EV is around $75m. The Three Pillar strategy now puts RAC in the precision oncology space where the median EV is $750m. I don’t think the market has yet caught on to this change or its significance.