Helping Biotron to Do Better and Deliver Tangible Results: Shareholders Call for ASIC Action and Regulatory Scrutiny, page-108

I assume Rookharp, Rosignol, and Peter Nightingale are connected and collectively hold around 3.7% of the stock—possibly as part of Nightingale's retirement strategy. My chart below shows, the top 40 participant list hasn't changed materially in over 12 months (a few new faces), suggesting most holders are either insiders or long-term believers.

From what I can tell, the insiders were major participants in the recent raise, including Nightingale. As a rough estimate, major holders added 62M shares ($186K), Mahe reportedly contributed around $750K (though their current stake appears valued at only ~$40K), and other participants likely added around $250K collectively.

Several of these holders have been in the top 20 for over a decade. With many increasing their holdings—even if just modestly—it seems there’s still some internal conviction. Personally, I wouldn’t act unless there's a clear need to preserve my remaining capital (not advice) and I do not need to do this. If any outside interest emerges, those insiders/top 40 will be in a very strong position.

As for C14, I haven’t found many ASX success stories. BIT, AN1, and VBS all appear linked to C14, but the outcomes are unclear. Martina’s foundation might suggest there's genuine intent to deliver something meaningful for Biotron. Why no update though?

If there’s nothing worth selling to Big Pharma, sure, going insolvent might be inevitable. Which looks worse - going insolvent without trying or trying and going insolvent. I do not know but I doubt you'd risk $186K for the mostly insiders unless you thought it was something. Just saying.

	Name	Units March 24	% of total stock March24	Units April_2025	% of total stock April 25	% Change in Units
0	JEY INVESTMENT PTY LTD	24240000	2.69	42228317	3.18	74.21
1	ROOKHARP CAPITAL PTY LIMITED	12327176	1.37	33333333	2.51	170.41
2	UMBIRAM PTY LTD <MICHAEL HOY SUPERFUND A/C>	11217352	1.24	22434705	1.69	100
3	FORDHOLM INVESTMENTS PTY LTD <FORDHOLM SUPER FUND A/C>	10300000	1.14	11000000	0.83	6.8
4	CITICORP NOMINEES PTY LIMITED	10197400	1.13	11781895	0.89	15.54
5	DR ANGELA FAY DULHUNTY	10000000	1.11	10000000	0.75	0
6	MR TRAVIS FOUNTAIN	9824833	1.09
7	DNS ACCOUNTING AND LAW CONSULTANCY PTY LTD	8245015	0.91	8586423	0.65	4.14
8	ATTOLLO COPIA PTY LTD <F A PIRES SUPER FUND A/C>	7620678	0.84
9	PATHOLD NO 222 PTY LTD	7600000	0.84	15200000	1.15	100
10	DR HUY TRAN	7594094	0.84	13254912	1	74.54
11	ARMCO BARRIERS PTY LTD	7550000	0.84
12	MR WILLIAM JOHN DUNN	7300000	0.81	16000000	1.21	119.18
13	EDSTOP PTY LIMITED <SUPERANNUATION FUND A/C>	6045906	0.67
14	VICEX HOLDINGS PROPRIETARY LIMITED <VICEX SUPER A/C>	5600000	0.62
15	STANDBY FORTY-SIX PTY LIMITED	5000000	0.55	20000000	1.51	300
16	SCOTT'S A V PTY LTD <SCOTTS ACORN EMP S/F A/C>	4918000	0.55
17	MR TRAVIS PAUL GLOURY	4819355	0.53
18	MR CHARLES TOLLIOS PANOS	4338928	0.48
19	MR PETER JAMES NIGHTINGALE	4313884	0.48	8627770	0.65	100
20	MURTOA FLOUR MILLS PTY LTD <R THOMAS SUPER FUND A/C>	4200000	0.47	8400000	0.63	100
21	SAF IT CONSULTING GROUP PTY LIMITED	4123268	0.46
22	MR HUY THAI NGUYEN	4100000	0.45
23	MR MARK ANDREW PETERSON	4000000	0.44	9526317	0.72	138.16
24	MRS SHARON LEWIS	3988867	0.44	14977737	1.13	275.49
25	MR JOHN YAN	3920230	0.43	7840460	0.59	100
26	MS ELLEN MARIE NIGHTINGALE + MR MARTIN LESLIE RODGER <THE RODGINGALE S/F A/C>	3763724	0.42
27	MR DAVID CASTELLANO + MRS IRINA CASTELLANO <CASTELLANO SUPER FUND A/C>	3680000	0.41
28	DR SANJIV PATHAK	3632313	0.4	9854067	0.74	171.29
29	ROSIGNOL CONSULTANTS PTY LTD	3600000	0.4	7200000	0.54	100
30	MRS ZI JUAN QI <CHEN FAMILY A/C>			20000000	1.51
31	3M HOLDINGS PTY LIMITED <3M INVESTMENT SPEC A/C>			18999671	1.43
32	MAHE INVESTMENTS PTY LTD			13331811	1
33	HIRSCH FINANCIAL PTY LTD			12658867	0.95
34	MR JIASHUN YANG			11367587	0.86
35	MR BRYAN STRODE			11200000	0.84
36	VICEX HOLDINGS PROPRIETARY LIMITED <VICEX SUPERANNUATION A/C>			11200000	0.84
37	BNP PARIBAS NOMINEES PTY LTD <IB AU NOMS RETAILCLIENT>			11133262	0.84
38	MR DOBRICA OKULIC			10000000	0.75
39	GREGOR PTY LTD <THE GOW SUPER FUND A/C>			9525337	0.72
40	ALLOWSIDE PTY LTD			8550069	0.64
41	MR DANIEL KOCHANOWICZ			8000000	0.6