Ann: USA launch of evolis-CDY.AX, page-52

Just re-posting as previous one removed from public view...apologies if duplicated.

Hi Siren,

Firstly, I look forward to "seeing" you get up at the AGM on Monday week and questioning Maria & Co on your strongly made points here. I will be listening to her answer with great interest.

Secondly, is it the Board's fault that the shareholders didn't convert their options? The Board has no control over the share price.

Personally, I find it astonishing that shareholders didn't convert their options based on "not being in the money" by a mere tenth of a cent or so on the conversion date (except of course those shareholders who did buy extra shares prior to conversion date for lower than 3.4 cents).  What difference does a tenth of a cent make - when compared to the apparent long term outlook for this company? Rather small minded I'm afraid to say.

So, instead of converting their options into healthy shares, those shareholders have probably lost more value due to the dilution of the PP.

If the all options had been converted, I don't believe we would have needed the private placement! I am quite satisfied the Board had done their homework by preparing a PP - just in case the options weren't converted - good business sense!!

As Pharma has pointed out, at least they can now fund the US roll out of Evolis. They have an obligation to advance ALL shareholders' interests and that is what they appear to be doing. I'd be criticizing the Board if they had done nothing!

Lastly, why would the PP investors want to buy new shares at >3.4c if the share price has been trading less than 3.0c for most of the last 12 months?  Apart from the discount, how else could the new shares have been priced in order to attract these investors? If they can't see a positive yield at some point - why would they bother investing?

I can assure you I do not have "unquestioned faith" in management Siren, but I can understand why they have got us travelling down the road we are ALL currently on. If I change my mind I'll sell my shares but, in the meantime, I will support them!