I know how frustrated you are, my initial reaction was pretty...

I know how frustrated you are, my initial reaction was pretty much the same. However, upon further analysis, this CR is the best option for the shareholders. Sure the 14.6% dilution is unpleasant but it only translates into 0.9c per share. Today's high of 6.8c was nearly enough to compensate for it. When the SP hits 20c or $1 in the next 12 month, would you worry about that 0.9c? You would have a lot to lose if a BD was done.

Here is my take, with the following assumptions:

• Capital target is 50M to extend the cash runway to end of 2024
• Potential income from VP-001 is US$1b/year
• Total no. of shares = 3.181b
• 1 AUD = 0.67 USD

Had PYC done a BD with a major pharma, assuming we managed to have sored a better deal than those for Stoke and Entrada, every share would have a loss of -A$1.60 to 1.70 in 5 years. Sure the SP would have shot up to 20c or there about in the short term. But no guarantee those 2 major stockbroking firms who had been dominating the SP in the last 12 months would give up on their tricks. They shall remain nameless but their intention is glaringly obvious. If you don't like it, keep buying more shares at this bargain basement price!

CR is the only viable option with ZERO IMPACT to our future income. Not doing a rights issue would inflame the shareholders. But on the other hand, just offering to the instos and let Tribe and Hockings to fund the bulk of it would be quick and no impact to SP. Otherwise a lot of shareholders would cash out in order to take up the rights issue causing SP to crash to 5c.

With Tribe tipping another $17M in, I am extremely confident that VP-001 is a goer! I would buy more if I got more cash. DYOR

Hope you'd like my analysis