Ann: Section 708A Cleansing Statement, page-3

I don't mind the cash splash, or share splash, on these guys but it is galling when it is contrasted to what they did in relation to the share buyback. It's also very interesting that these share grants are almost the same size exactly as the total amount they spent on the share buyback in the last 12 months! At least I didn't see any cash splashes on Michelin catered Soirees in the last 12 months so that is something. Anyway only 3 more sleeps until the share buybacks starts, company priced liked an extremely tenuous startup Biotech seeking funding for a Phase 1 and 2 program, not a massive cash generating, $200+ Million cash holding, recession proof Healthcare running a blockbuster Phase 3 trial and growing profits at the same time.

As a reminder here's what the Clinuvel board of directors said about the crazy undervaluation (when the share price was higher than today), and also what the company said in a newsletter regarding the share buyback (underline mine): (Note: since the directors released this there has been some really good news on very solid profit growth and great increases in NPAT and EPS, Excellent signs from the blockbuster Phase 3 trial, Same for results with children 12-17, DNA Repair results, Stroke interim results, Disc flunking an EPP trial, Canada submission etc - so what must they think of the 'decoupling' now?).

"Board of Directors view current market capitalisation as decoupled from the Company's value". PW said on the same release "Given expected earnings, underlying growth in existing and new porphyria markets, current cash reserves, and projected expenses over the next 12 months,redistribution of capital to shareholders through a buy-back program is appropriate".

"We have chosen the moment of a repurchase as first clinical results for 2024 are published, andwe will keep at it until those who gamble against the Company have understood the message. Given the expected future cash flows, we are in the position to prolong the program when required, since Board and management do not believe that market value has reflected the Company's performance in recent months. To those shareholders who have proven supportive,we have waited for the right moment to strike on your behalf."

"The share buy-back further increases the relative percentage of ownership for our owners, and thereby compounds CLINUVEL'S strategy to minimise dilution.With 1,500,000 shares (or approximately 3% of the outstanding share capital) to be repurchased, we hold a longer-term view on capital management without jeopardising plans to reinvest and expand the Company."

"The first trading days after the buy-back announcement on 14 March dispelled the myth that the share price is reflective of performance only"

All IMO DYOR