Ann: Corporate Presentation - May 2022, page-24

If I have contributed to the idea then mine is an overall view not a biotech view (although this morning I read that the top 15 Pharma have enough cash to buy all the 600 odd small to mid cap biotechs in the US). There have been so many small mid caps across sectors that have been crushed that it feels like everyone is a target - locally we own APX which had a failed on but I assume is still a target and that is tech. People rely too heavily on the thought that the major shareholder(s) are in control - sure Mr Tribe can block it but he proved with the sale of IKEA that eventually he will sell. I hope it doesn’t occur but to ignore the risk would be naive.