Ann: NuSep Restructures Board and Company to Focu, page-5

re: Ann: NuSep Restructures Board and Company... RG,

In principle it looks ok BUT it is still looking like a 'family company' because it does not have the proper check and balances.

The other risk I see here is that the directors that were in the previous companies (Gradipore and Life Therapeutics) have a habit of setting up the organisation as a top heavy and overpaid operation.

I will have a closer look after the annual report comes out BUT there needs to be more restraint in emoluments until such time as runs are on the board.

At this stage we have a general concept of where they are headed but they should not get carried away until such time as things become operational. Until then there should be restraint. There is not a need to have MD's for every new company or set up.

Regards.......................