Ann: June 2014 App 4D Half Yearly Report and Financial Report, page-16

I've got to say I'm extremely disappointed. If I had significant skin in the game I'd be out, but I continue to hold for the same reason that a gambler lets their $50 win ride on red/black on the roulette table when they started with $200.

They've had a supposedly effective product available for long enough that they should've be able to do something with it by now that could turn a decent profit. These results are nothing short of underwhelming. I'd love to know what a bucket of TPM sells for. Having a partner sell a million 30ml tubes of voveren containing 3% TPM isn't very exciting if we're supplying TPM for $3/litre. I'm completely making these numbers up, but I hope you take my point.

I retain my holding due to the pain portfolio, but I'm growing less confident by the day. There have been plenty of companies with a solid product who haven't been able to pull a decent profile from it, and I'm starting to think POH might be one.

The wine is fuelling my cynicism. Good luck to all investors.