Ann: Technical Presentation - October 2020, page-8

I think we have the same broker/advisor!

I followed up the other thread re takeovers and he said very unlikely because they don’t need cash and they have major holders all based in Perth who simply won’t sell unless it reaches their ‘value’ and even then they might not. Naturally I asked what it the ‘value’ and I got a mining analogy back!

RP11 is P40 of USD3b pv
OPA1 is P15 of USD4 pv
CNS is P5 of USD8b pv so USD2.2b (ok I had to stifle laughter at this point!) and then he tells me they will have between 6-12 programs in the clinic within 5 years and the comparable to use now is Stoke Theraputics (USD1.4b) but in 3 years the comparable will be Arrowhead (USD9b).

I asked about cash to get all that done - that is not a problem apparently. All sounded too confident to me but then you highlight Arrowhead and it makes me wonder. This guy has a lot of WA based clients so could be the koolaid but you never know.