@JB1975 I did go to the AGM. Questions were asked of the board...

@JB1975 I did go to the AGM. Questions were asked of the board on every resolution and the meeting ran over the schedule time because of the number of questions asked.

Note also, any shareholder can request the minutes of the meeting 28 days after it has been held.

No discussion was had on altering the wording of the proposed change to the constitution.

There were other questions around this resolution. Their answers as I have interpreted them reveal the following:

• They sought legal advice in how they would justify their name and shame exercise with the ASX announcement that included the shareholders names and addresses that put forward this resolution for the AGM.

• They conducted the Computershare ring around of shareholders hoping to get a large number of individual shareholders voting on the resolution.

Some further background, I first approached the board in September suggesting to them it would be “commendable” of them to propose such a change. Once it became clear they had no intension of drafting and proposing such a change, I then garnered the support of some likeminded shareholders and gave notice to the board of a resolution we wanted put to the AGM. This is in the public domain as an ASX announcement.

But from another vantage point, the board now knows that the group of likeminded shareholders that I’ve engaged with over the last 12 months or so, represents more than 5% of the shareholding of the company, has access to expert advice on corporate law and can be mobilised quite quickly to protect their interest.

After the meeting I spoke with Wotton and suggested to him that since the Directors Loans there has only been a small bit of shareholder activism conducted. This activism isn’t based on any moral or environmental campaign, its purely base on the performance of the company and the actions of its directors. It would quickly evaporate if the share price was above Sumitomo’s valuation and heading north instead of heading south toward the exercise price of the options the Directors loans were set up for.

I am prepared to give them some clean air in the following months and see what other licensed partnerships they form with our Phase II trials and what new partnerships are formed around the disease applications like Sepsis, Asthma and Diabetic wounds. They NOW really need to demonstrate they can write more business, if they aren’t capable then we need to find people who are.