ARC linkage grant, page-14

In the same broker presentation the comment was made that funding/capital is the first point of every Board meeting - be careful not to be selective in what you listen to. It was not hard to see the cash would only last to the end of the year and every Board meeting it is number 1 on the agenda - 3 months later they annouced a cr - it's not rocket science - hoping for a big announcement was the only alternative (by the way if a CEO said YES to a broker asking that question they should be shot).

As for the JCC comment - there would be seperate due dilligence done and he would have to exclude himself from buying shares himself and from any decision to invest funds money - maybe they didn't like the short cash runway and now they will . . . maybe they won't. In any case he would need to stay squeaky clean from any holdings as a director and vice versa on the funds governance so I would assume 99% of the time they wouldn't - in fact if they did invest I'd be pretty impressed cause the hurdle should be higher given all the governance issues.