Ann: Investor Webinar, page-40

"............. I don’t see value here. Why…well let me tell you...................."

Hi Gouldians, sincere thanks for your contribution. I only hope Anusha Aubert, PAA's new investor relations manager is reading HC as you have so succinctly put the case for how the story telling at Pharmaust has not been such to attract money based investors who have 2000+ choices just on the ASX let alone many other avenues.

You very correctly explained that you"dont see value here". I can appreciate that as frankly that is the job of the company - to ensure, where applicable, that you do and obviously in your case they have not succeeded.
Lack of a clear and concise / constant value based story has allowed you to draw conclusions that are unfortunately not based in fact. ".......never going to transform PAA into a dividend company......."is but one example. It is an opinion that due to lack of information you are reasonably able to prescribe.
".... Global companies are working on waste processing…do you really think Epichem is going to crack the market??..........." Again at face value a seemingly reasonable opinion that dilutes the overall value proposition of the business for anyone doing basic DD.

"........ MPL, it hasn’t proven to be useful at all since at lease 2013. How long are people going to wait. .........." Again, reasonable observation and question, but only because the facts have not necessarily been re-enforced and woven into the storytelling. No-one can blame you for not having taken the time to research the facts, they should after all be very apparent as you skim across the surface of the opportunity. Unfortunately I am on record (along with a bunch of others) who for some time have voiced concern that potential investors such as yourself need to have the facts and the fizz fed to you in a very obvious way so as to prevent you from just flipping across to the next shiny light.

The real crunch is that you have come to the conclusion ".............Throwing it (MPL) at covid and MND were two red flag as they were looking at an alternative to canine cancers because it’s probably not going anywhere............" Again a totally understandable opinion from someone who is not conversant with the science but instead is simply looking to park some money for a short time in order to have it multiply.

Where I am intrigued is what it was that made you stop and look at PAA to the extent you have taken the time to contribute ? What future do you see for PAA - are they likely to cut a deal with a BP or do you not see any value for the MPL IP in any market ? Have you actually taken the time required to research and understand the role of MPL and in fact do you believe you should, in order to make an informed investment decision ?