Email from Lodge Partners, page-9

I think that the BoD was being kind to Peter when stating the reasons for his departure. Given his contribution to the company, I don't think that this gilding of the lily was out of order.

I had a conversation with Peter not long before the AGM. I pointed out to him my concerns about where the company was going, the share price, etc, and I made some comments about where improvements could be made. The bottomline is that Peter thought that the company was in great shape, everybody was pulling their weight and shareholders just needed to be more patient. He assured me that the BoD felt the same way and that he and I would have to agree to disagree about what the company needed.

It is now obvious that, even at that time, the BoD was feeling uneasy about Peter's tenure. Based on my conversation with him, there is no way that he would have resigned. He was still very enthusiastic about the technology and the potential of Benitec. What this says to me is that Peter's failure to acknowledge and respond to some of the problems that were identified was his downfall. The BoD clearly thought that there were problems which put them at odds with Peter. Having reached that stage, there was only going to be one outcome.

I think it really was Peter's shortcomings that brought about his departure rather than something fundamentally wrong with the technology. If given the choice, I am sure that Peter would still like to be at the helm because he was and still is very enthusiastic about the potential of ddRNAi.