August Shareholder meetings, page-15

The rambling comments that follow are my quick summary of teh Sydney shareholder meetings. Overall it was a pretty dull affair. Peter Wilson from Greenhill was there along with the whole BNO Board including Graeme Kaufman. I arrived after the scheduled start but do not think I missed anything exciting. Basically it was meant to be an informal meet and greet type event. Lawrence Freedman and Sandy Beard held court with their fans on one side of the room - with some director involvement by Chairman elect Errol de Souza. The other directors were scattered around the room holding conversations with various other shareholders and brokers. It was all very polite but Lawrence was overheard making negative remarks about the CEO to his coterie of fans in earshot of the CEO - which was basically inappropriate and showed a complete lack of manners. A couple of the insto shareholders who participated in the board review deliberations (namely Ausbil, Private Portfolio Partners and Platinum Capital) were there early but left when the Freedman/Beard fan club arrived. Anyone who wanted to meet the new guys have had their chance - and for what its worth both seem good appointees. The question remains as to what Lawrence Freedman and Sandy beard will do about the EGM requisition. I reckon the Board should tell them to call the meeting and get it out of the way. The silence is deafening and the ongoing aggravation is scaring off any potential new insto investors. If Lawrence Freedman and Sandy Beard don't leave the register, the stock is going nowhere unless the clinical results suggest that BNC 210 can raise the dead. I am a long term supporter of BNO but even my patience is being tested. What Freedman and Beard expect other than total control of the company is hard to understand. Two directors will have been replaced following their aggitation over the last six months or so. Tensions remain elevated IMHO. My gut feeling is that both Lawrence Freedman and Sandy beard have completely unrealistic expectations about what this company is worth. While we can all dream of a $2.00 or $3.00 share price, the company is in a highly risky business and all the models in the world are useless if the input assumptions are over optimistic. I think that the probabilities of success are low and the timing is longer term that people generally appreciate. It seems to me that Lawrence and Sandy have that really unfortunate condition FOMO - the Fear Of Missing Out. They are missing out all right - missing out on the opportunity to put his money to work somewhere else...........all because they have unrealistic expectations about the size of the potential prize and the probability of it being delivered soon. Perhaps BNO needs to announce a new clinical trial for a drug to treat FOMO - then it would really get a rocket under the share price - and then Lawrence and Sandy's optimism on the vakluation would be fulfilled................

GLTA