Morningstar $2.10 valuation, page-33

I have heard Silviu say that a number of times, and each time I took it as him referring to non-dilutive funding from new partnership deals.

If he specifically said that capital raised from the Kentgrove facility would be non-dilutive, can you please provide where you got that from as I would find that most interesting.

To demonstrate my point, refer to the 1 July 2016 announcement when details of Kentgrove facility was announced, there was again another reference to non-dilutive equity, however not in reference to the Kentgrove facility.

"During this period the Company anticipates key data readouts from each of its Tier 1 programs. In parallel, Mesoblast will continue discussions with potential strategic partners to deliver non-dilutive funding." Extract from 1 July 2016 company update