Ann: Response to ASX Appendix 4C Query, page-48

Notwithstanding the reasons for the current share price, the first question worth asking could be: "Is the company mispriced at these levels?" If it is too high, sell. Otherwise hold, buy or stay away. Why waste time with idle speculation, gratuitous commentary to what end or griping.

Much comment is made about staff costs. Has anyone compared AHZ per capita cost with industry per capita costs for like? 

As for a valuation guide, a trade sale multiple at 2 to 3xs revenue may be a reasonable guide for a base case. Naively, that would suggest the current market is significantly less half the bottom of  the value range excluding any blue sky attached to TAVR. Also, let's assume the vaccines is worth $Nil and the Infusions division is marginally profitable. Given AHZ's reported GPM for Infusions was 38%, difficult to see a sale of that division obviating the need for a capital raise based on this quarter's published spending estimate.

As for Star Bright and SIO, they kicked in more than any existing shareholders and in absolute dollar terms have taken a bigger hiding on paper than the rest of us in a much shorter time frame. If anyone has reason to gripe, it has to be them as well. I am certain their managers would like to be telling a better tale to their stakeholders, too.