Hullo Eggboy,Excellent post, thank you. Together with some very...

Hullo Eggboy,

Excellent post, thank you. Together with some very good commentary from other posters, and some understandable caution from others, the chain of reflections has been well worth reading.

I had wondered what might be the change in strategy, and actually I don't think it was stated explicitly. But more on that in a moment.

What struck me about yesterday's news? It is the affirmation from Trinseo's Andre Hugentobler: "Combining our deep chemistry and application know-how, decades of experience designing outperforming binders, and a strong market presence with AnteoTech’s innovative AnteoX™ technology enables us to expand our VOLTABOND™ range to yet untapped performance properties". Untapped performance, eh? Pretty strong words, methinks. Despite misgivings expressed in some posts, this is a serious partner, and as another poster pointed out, Trinseo has fingers across a range of industries, from medical to agriculture to construction to adhesives . . . remember that circle of opportunity that Joe prepared some years ago? Trinseo alreadyhas fingers in those different parts of the pie. And that is opportunity for us.

And what struck me about David's presentation? He was very firm in his statement that he expected more good news to follow in the near future. You're a brave person to make such a statement knowing that the mob are just out the back of the pub, lassoes and a spare horse all ready, and a good strong tree in mind, just outta town - unless you are feeling confident.

Another was the string of target dates for the various initiatives under way - quite specific, and some only six and a bit months away.

One aspect about which I am confident is that after the upheavals and disappointments of the last couple of years, David with the support of the Board has not only strengthened the management team, but has also pulled the company together. I think it may have been at risk of drifting - indeed, I sensed it was adrift from spring 2021 to winter 2022.

So what about he changes in strategy? The regulatory hurdles have figured much during the last couple of years; I suspect that we humans are always up against collective thinking rather than skull-duggery. Human society has progressed on the back of collective knowledge, and we are not only now genetically and culturally prone to draw on the experience and advice of others, but we train our intelligentsia to do so. Too often they learn that lesson too deeply. Too ready to punish those who think outside the box, the quiet punishments of the raised eyebrow, the curt dismissal, the rejected papers . . . and sometimes downright disdain. So when it come to regulatory approvals, better to run with the tried and true, the names we know - run with the mob, so you don't get singled out.

So the decision not to push on with the Eugeni platform is a pragmatic one. Let our partners push through those regulatory hurdles, and we'll concentrate on our core business. But don't simply be a supplier of an ingredient - make partnerships, where we participate in the profits that are made further up the chain, but don't seek to move up that value chain with our own resources. We haven't got the time. And that is another thing that David emphasised - speed to market. I think he has brought greater urgency to bear - just an impression.

Another small note - his reference to applications for non-dilutionary funding. Sounds more than just something on a wish-list.

I'll come back to that circle of opportunities: I mentioned recently the research one of our good posters has been doing for some months now, finding references to AnteoBind in many a scientific paper. Our technology is indeed gaining traction. Now if we have a Trinseo, and a few others with their different tentacles, we may well find that our technology starts being used in surprising parts of that circle.

So that I think is the substance of the change in strategy, to concentrate on our core business, engaging not customers, but partners.

Incidentally, I have shifted my sentiment back to "buy" . . after all, I did have a nibble over the last week or so, and even yesterday. But as ever, DYOR, and good fortune attend the hairs of your head, however few they be.