Ann: March 2014 NEWSLETTER , page-53

Fair points, Hottod. Perhaps, though, they need to be considered in POH's rather (very?!) unusual circumstances and the background of the last few months.

From the information available - Company updates & reports here - POH was pretty active in interviewing potential CEO candidates during H3/4 2013. This at the same time as the Board restructuring was being crafted. My impression has been that Rosen, greatly to his credit, has been running the ship effectively solo as top management. This is not, of course, to belittle the contribution senior managers must have made but at top level there has effectively only been him.

An overall impression of considerable corporate upheaval. Who knows whether the upheaval and uncertainty put off suitable candidates from accepting an offer or POH simply couldn't find the right person. Rosen longer term, as you suggest? Leaving longevity aside, would he want to? He had migrated to the USA, effectively leaving Dr.Ogru to run the Company, then had to rush back. Is he now keen to run things from Australia, particularly perhaps with the Company's declared focus moving to the USA?

The Accounts & the Newsletter both trumpet that 2014 is the Year. That must be right - if they don't break through this year, there isn't the cash to run too much longer. My guess would be that given the short time frame, Rosen will carry on at the helm. They will need funds by end Q3 on the figures recently quoted. Equally plainly, from the free talk of discussions with a variety of big pharma, the hope is for a big upfront. If not, as suggested by the analyst, a further share issue (which from a pratical point of view would have to a placement, which in itself would likely need some confirmation of progress to get off the ground).

By the end of the year POH's future shape/prospects should be in better focus. A new CEO search or perhaps a take out. Either way. Rosen will have done his firefighting.