@Lurker99 Regrettably I missed your post until this evening....

@Lurker99

Regrettably I missed your post until this evening.

You’ve asked a fair question, although from my perspective it’s been more than adequately addressed with the public announcements and Joel’s interview.

The 35c entitlement offer was announced on 18 March 2022 when the SP was 69.5c. We all had a very attractive opportunity to buy stock at a 49.6% discount to the SP, plus a free option that was 43.8% out of the money.

Fast forward 8 months to 5 December 2022 and the SP is now 23c and the small cap environment is diabolical, particularly health sciences. I think we can agree that market conditions changed significantly during that 8 month period.

Now the Company places A$13 million to a strategic consortium at 20.5c with the SP at 23c. This is a 10.9% discount with an option that was 23.9% out of the money at the time.

Sure, the terms of these two deals are very different. But they also occurred 8 months apart under entirely different circumstances and market conditions.

Playing the devils advocate for a moment. Let’s imagine we’re trading at $1.50 in another 8 months time. Does the company raise capital at 35c with a $1.00 option simply because that’s “fair” based on the CR we participated in? Of course not, that would be ridiculous, uncommercial.

Perhaps you can suggest how the “frame of reference” based on the “company's central ethos” of “investor value” is applied in these scenarios. It can’t be in my opinion, nor should it.

We hold the same position that “track record” (which Joel and the board hold in Spades) is the driver for long term value. The strategic nature of this recent investment is not public information and until it is then investors place their trust in the capability of the board.

No-one is entitled to understand more than what’s been publicly disclosed and frankly if the SP was 40c then no-one would even care IMO. The sentiment on HC is predicated on the SP.

Unfortunately the company doesn’t operate in an economic vacuum and market conditions impact the price regardless of its prospects. I actually can’t recall a greater disconnect between the opportunity and the SP.

But as you’d expect, the noise in this environment will be dominated by the uninformed and emotionally charged punter, just as it is in many aspects of life ATM.