ect funding, page-18

IV

The current $4 mill deal has the ESIO escrowed - so if the same deal exists for the $6 mill mooted - then they wouldn't be able to sell the options on market - that's some peace of mind. The same can not be said about the heads though.

I feel that the Monash comments in the ann still indicate the $4 mill will occur by the 26/7.

I believe it was meant as an update on the delay (which we all know) and to inform of the $1 mill deal. I think it was also partly to lend confidence to the SP at 2c.

Maybe ESI management have said to Neil - "Come on mate, fair is fair, give us something to go back to the market with if the $4 mill is still being delayed" to which he replied "OK, if we don't do it by 26/7, we'll still take 300 mill ESI and our free 300 mill ESIO, but at current SP ie 2c. Still a great deal for Neil and team.

Now, of course, the paragraph above is completely "speculative".

DC - thanks for that - $1 mill in R&D tax refund - that's a hefty increase from the previous years - will be great to see that whole amount and maybe more hit the bank account.

Cheers K