Ann: Letter to Shareholders-OBJ.AX, page-62

Well the reply I got when I asked about comparing 2014 & 2016 and the criteria or tech that is driving the new hurdle.

answer was there is no distinction between 2014 and 2016 Shares but they are quite separate. We don’t know the combination but to be honest we don’t care we just want to get more licenses granted.

Yes wave 2 was ruled out, but Coty was not, and imo milestone 1 fails if no royalty from Coty, but would succeed with the new hurdles. Nothing that has been presented says otherwise.


Look to me that is ok as they cannot control Coty's speed, but have done the leg work and if they missed it by a few months is a bit average on the teams part but that is bonus life (missed a few because things are out of your control) didn't make me quit.