Ann: Notification regarding unquoted securities - NEU, page-24

I have ZERO qualms about this share issue to employees, both the price and the volume.

IMO anyone who thinks otherwise either really needs to consider the business reasons and benefits of such an allotment.

Some points for consideration:

1) The low number of staff means anyone leaving puts a bigger % hole in productivity;
2) The low number of staff - the majority of them here for the long haul - have confidential IP and hard-fought experience that is CRITICAL for the next stage of NEU.
3) Any merger/acquisition - or continuation to partner with PhIII mostly solo - one could argue the 20 FTE are CRITICAL....regardless of what company outcomes occur (at least until PhIII is complete !)

Not sure if any of you are familiar with the term "golden handcuffs" ??

IMO this is a fantastic move by management, and ensures - whether takeover, acquisition or PHIII progression - the same team which has generated success so far will remain...and hopefully they (and us) will all retire millionaires.

With a nod to the @hottod commentary as well - the qualification milestones for these shares are purely around PhIII. IMO it is focused on the success and progression of NNZ2591, and doesnt exclude or limit whether this is done via a buyout, acquisition or going it alone. I would expect in case of takeover these share conditions would either be continued or absorbed as part of any commercial discussion.

In summary, I cant see this as anything but a positive for the company prospects moving forward - as it ensures staff and IP retention at the most critical point in the history of the company !!