Ann: Letter to shareholders SPP rules and sample application, page-33

If there are competing partners the invion balance sheet does not matter. (W27 - yes , I think that has to be right) Those partners are, if they are there, big guys, who need to shell out $200m+ for a ph III. They will shell out $4m pa 'peanuts' running capital for the company no problems.

All it takes is two big pharma that want the IP, and then they are negotiating with themselves, not IVX.

"Every Night & every Morn
Some to Misery are Born
Every Morn and every Night
Some are Born to sweet delight " - Blake

GC's words above, Barrel, should be taken as positive.  Management have had plenty of chance to give encouraging words over the last 36 months, and they haven't. They've been as silent as moonshine on a gravestone. Now this:

"advise and assist" with "various potential opportunities" "under review,”

....

as Invion enters its next stage.”

Now all that language is designed to be completely non-committal and completely vague. It has to be that way. My point here is that management's style has not been to give fluffy positives  in the past in order to prop the price up. They may have done this at AGMs but not in the CR process. Do you also agree long termers?

They have showed no emotion for a long time, so actually, this is grounds to be is hopeful that there is something afoot. I mean otherwise whoever wrote this text is definitely being dishonest, and that's not my impression of management. Management is very good. Dr GC is a good guy and he can negotiate deals, no problem, so can Ferghana. If there is a deal to be had, they will get us one.

the CEO had close to $14m invested when I first joined the ranks of the shareholding public, and now his shares, including his super investment, is worth around $1.4m. That's going from a very nice house in sydney to somewhere pretty average. Remember these guys fortunes are wrapped up here with ours. So whatever has happened, believe me, they have major skin (and organs) in this game. I've continually reminded people of this when they attack management.

I've contributed to each CR and then some, even buying on the ph2 positive results - which incomprehensibly didn't move the market. So I'm exhausted too. I probably won't participate in this coming CR. Good luck if you do.

I also have a random question - if the options are voted down does IVX have to repay the crew who loan-sharked the $1m in September as part of that finance contract?