Not the eagerly awaited full-steam-ahead update, as everybody...

Not the eagerly awaited full-steam-ahead update, as everybody notes. Nonetheless, a very full report.

One point not mentioned. The results were put out after close of business. Last year 19/02, comfortably within deadlines. Surely a reasonable conclusion that they were hanging on hoping to report something in the Results, but it didn't work out that way.

The prime candidate is the Board issue, hanging around pretty publically for ages. The Directors' Report notes on page 5 that 'Phosphagenics will announce its new Board shortly'. This, more specifically the Management structure going forward, is to me the key current issue.

The ongoing failure to appoint a new COO is a major embarrassment & puts a huge question mark over POH. Mr Rosen gets no younger and 'during 2013 Mr Rosen relocated to New York' (page 8) (from Jan.1, page 10). As we know, he had to return post haste to deal with the fraud, but it must be unlikely he wishes long to continue holding the fort.

The next year will effectively be make or break. The steps to be taken this year are clearly set out in the Report - in fact they seem to have pulled together the focus and route (the delays are inherent in the nature of the business). The cash position also must focus the corporate mind. It has also been made very plain they must get big corporate on board.

As a not entirely tongue-in-cheek thought, if there be no robust solution possible re the apparently ongoing Management issues, might the best way forward be to look for an early, outright sale of the Company to a larger entity for what Mr.Rosen can get?