Here's my take on the AGM, It was chaired by Peter Jooste, as SC...

Here's my take on the AGM,

It was chaired by Peter Jooste, as SC was pre-qualifying manufacturing labs overseas.

The resolution of the PP issue was a significant step fwd according to Peter. It appears that ever since the passing of Dr Calvin Ross (the ArtiMist inventor) there was a breakdown in relations between PP and EMS and that manifest itself in a lack of communications between the parties and a general slowing of the ART004 PhIII trails.

Peter appeared very confident that with PP now a subsidiary of London Pharma and a new PP board the relationship has been significantly strengthened. The confidence in the ART004 completion in Q1,2012 was apparent at the AGM.

The next major hurdle that still remains is the manufacturing rights for ArtiMist that was given to Berlin Pharma. Peter was confident that the legal advice that EMS had been given, meant that the appointed receivers of BP had no valid claim for further monies from EMS.

It was suggested that one of the possible solutions to this issue is that the receivers package up the manufacturing rights and sell it as a product. (My thoughts are that perhaps those manufacturing labs that SC is currently pre-qualifying may end up purchasing the manufacturing rights from the BP receivers??).

Peter did also say that they still had an ability to manufacture 10 million doses of artiMist which was outside of the BP agreement.

Also mentioned was that SC had done the rounds of the big players in the US that had resulted from introduction by Chevron to the Global Business Coalition. During this process SC admitted to these guys that there were hurdles to cross and committed to sort these out before coming back to them. That to my mind is a very responsible thing to do, on his part.

With the PP hurdle now complete the remaining hurdles are the completion of PhIII trails and Berlin Pharma manufacturing rights resolution. With these sorted I would think that EMS will be substantially de-risked, and probably at this point SC would be able to go back to the US Co's he has already consulted.

Finally, there also appears some remaining legal dispute between both Doug Simms (who was at the meeting and voicing his concerns) and ex-CEO Dermot (who was not).

So, given that I have accumulated my fill of EMS shares I am happy to continue to hold this stock.

I will be prepared to accumulate more as the next two hurdles are cleared.

bluebush