Ann: Trading Halt, page-36

I got carried away at the end there and was a little unkind. Difficult to take emotion entirely out of it, considering the mess they have plunged the company into.

I'm trying to work out, in my own mind, do I genuinely believe this is the last required CR? That's the crux now. I would be happy to suck it up if I truly believed that it was. But it will all come down to deals now. MPS in it's defined regions, and OA in perhaps China, or Latin America. This combination needs to fund us until a) sales, or b) we reach a sweet spot to sign a major US/Europe OA deal under favourable conditions (i.e. not in pathetic desperation, like this CR). They have said that this CR will fund us until mid-2025. I think that is wildly optimistic. In fact, it's downright fantasy. Without deals, we'll be rattling the can in 9 months and the instos will have pushed the price down to levels holders never thought possible. Wealth eradication. That is what faces holders now. Mozz, bless him I know he'll be hurting as much as anyone, has told us how hard the PAR team have been working. I bet they have, I mean that. However, hard work cannot outrun bad decisions at the top.

I genuinely think Paul should be soul-searching whether or not he has the specific competencies required to do this job in the best interests of shareholders. I've defended him quite a bit over the journey, but this is business and he is flailing. It's not about character, it's not about being a good bloke, or even about being a deeply intelligent and well-respected business leader. It's entirely about performance and numbers now. There's no room for sentiment. He should, at the very least, now be subject to strong scrutiny on landing deals with upfront cash equivalent to the business's future requirements (i.e. covering the entire clinical trial cost) across the next 3-6 months in order to keep his job. I think he is totally out of strikes. One more CR is now one too many and he will have squandered this golden opportunity he himself carved out - but he will be taking a lot of people who trusted him, down with him.