Ann: Results of Meeting, page-3

Right. 

I am just back from the AGM. There was no presentation but Justin fielded 4-5 questions afterwards. These are my notes (obviously this is my interpretation of what was said and may or may not be 100% accurate bla bla bla):

1. First question was on the NHS deal and what can we expect to get out of this deal. Justin started by saying that the deal is much more than revenue as it is a "chunk out of the armory of the hearing aid space". NUH are the only hearable available in this program and he expects a "significant chunk" of the GBP35m to come the way of NUH. This deal was expected to be finalised around June around the last cap raise but was dealyed by 5 months. The Boost product went through rigorous testing by the NHS. 

2. He said that the NHS is very supportive of the NUH offering as they are self-assessing (Ear id etc) unlike hearing aids which need to be fitted by an audiologist. Overall the NHS knows that by pushing Boost on those in the mild to moderate hearing segment, they will save a lot of money over the traditional hearing aid offerings. He is very very excited about this deal. 

3. Capital raise - Justin said that when they went to the market in June they were looking for $10m but only took $6m to keep the register tight. Todays announcement is to make up that difference. He did not indicate the purpose or use of these funds other than to fund inventory. 

4. The question was asked re the Live IQ. Justin was wishy washy here but he did say to expect an announcement in the next week or so on this but I didnt get the feeling that it was on a OEM deal being signed - maybe more of an update. he said they have had several "foreign companies" in their office over the past few months in relation to OEM. I dont get the feeling we will ever see NUH branded lives but could be wrong. 

These are my notes - happy to share but should not be taken as gospel.