in all fairnessLetter from the Board PERI’ve already posted...

Update on General MeetingDear Shareholder,We haven’t been flooding you with emails about the upcoming General Meeting over the past month or so. One reason is that we have been very focused on the more important work of restoring the company: closing down the study as cost-effectively as possible, analysing the data thoroughly, and carefully negotiating the Company’s next chapter, including confidential discussions with potential partners.But another reason is that we trust our shareholders. We have confidence in your ability to recognise opportunism. We believe that you understand the business you have invested in and are not easily misled. And, ultimately, we respect your prerogative to choose the Company’s leadership and direction. On the latter point, we should say that we have been enormously grateful for the very strong support that shareholders have expressed over recent weeks.Nevertheless, we wanted to remind you that the General Meeting is now less than two weeks away and will be held on 4 March 2025. The importance of the decisions that you are being asked to make cannot be overstated. The outcome of this meeting will shape the Company’s future and will determine whether it is able to recover from the negative read-out of the ATL1102 trial in December 2024. It is vital that as many shareholders as possible exercise their vote. Whatever your choice in the upcoming meeting, it must be decisive and emphatic, otherwise our company will remain vulnerable to further attacks.We recognise that this has been an extremely challenging time for Percheron shareholders. Nobody likes to see the decline in share price that Percheron has witnessed over the last two months. As a Board, we recognise that our first responsibility is to drive shareholder value. The negative read-out from the trial has undoubtedly set those aspirations back. But building shareholder value continues to be our ambition and our expectation for Percheron. The Company is down, but it is far from out. And that is why, despite a small degree of reflexive sympathy with Mr Peters and Mr Koutchin, we think their conclusions are, in the end, entirely wrong, as we outline below.Mr Koutchin and Mr Peters have told you that the trial was terminated prematurely. We can see how they might genuinely believe this. Terminating a late-stage clinical trial is a very weighty decision, and the temptation to fudge or defer such challenging decisions is enormous. But biotech companies need Boards who can understand scientific data and make those kinds of difficult choices in an informed way. Mr Koutchin and Mr Peters have no experience in drug development, so they lack that understanding and perhaps that confidence. However, kicking the can down the road is never a good long-term strategy for a company. Sometimes in drug development, companies need to face the hard truths, rip off the band-aid, and move forward. You have a Board that has shown it will not shy away from difficult decisions, whatever the short-term consequences.Mr Koutchin and Mr Peters also seem utterly confused by the Company’s recent partnering efforts. Again, we can recognise that rebuilding a drug development pipeline is a complex and technical task, and one which must seem opaque to those who have never done it before. However, the simple fact is that Percheron will be uninvestable if ATL1102 remains the centrepiece of its portfolio. Regardless of the decisions we make in respect of ATL1102 over coming weeks, the Company will therefore need a new asset. We have made significant progress in that search, although of course our discussions remain confidential, and we are highly optimistic that Percheron can soon relaunch itself with a compelling and investable new story. This task is the single most urgent priority for the Board, and it can’t wait for Mr Koutchin and Mr Peters to catch up.Mr Koutchin and Mr Peters have spoken about ‘optimising’ ATL1102. It’s not altogether clear what this means. However, we think it means that they propose to launch additional development of ATL1102. Would they run more trials in Duchenne muscular dystrophy? Or multiple sclerosis? They haven’t said, and we suspect they just want to launch ‘something’, so as to look as though they are taking action. Once again, this is an understandable error. In reality though, such decisions need to be made with great care and technical nuance. If the Company simply fritters away shareholders’ money on unpromising and poorly thought-out work, simply for the sake of an ASX announcement, it will not long survive. By contrast, we are committed to investing only in that work which can draw investor interest back to the Company and help to restore its share price.On this point, Mr Koutchin and Mr Peters have said in their increasingly frequent email blasts that the Company needs to rebuild investor confidence. However, as is often the case, they misdiagnose the problem. Investors have not lost confidence in Percheron or its team. They have lost confidence in ATL1102. Mr Koutchin and Mr Peters propose to perform their own analysis of the phase IIb trial, a task which the current team has already completed, announced to the ASX, and shared in an investor webinar. For them to now repeat that work and share their misunderstandings with the investment community would not rebuild investor confidence. Rather, it would demonstrate to the investment community that Mr Koutchin and Mr Peters are out of their depth. Mr Koutchin, in particular, should know how challenging professional investors can be – in the eight years that he previously served as a corporate advisor to the Company, its share price declined significantly.On the contrary, rebuilding our company will depend on the credentials and the track record of the team, and the persuasiveness of our plans to reorient the pipeline. You know that each of us bring decades of successful experience in drug development. You know that none of us will rest until the Company is back on its feet. You know that we have been making progress in identifying new opportunities for the Company, and we look forward to sharing more detail on our confidential partnering negotiations as soon as we are able.We implore you to vote ‘AGAINST’ all resolutions at the upcoming General Meeting so that we can put this unfortunate distraction behind us and continue to focus on restoring our Company.Yours faithfully, Dr Charmaine GittlesonChair of the Board Dr Gil PriceNon-Executive Director& Chair of Audit Dr James GarnerManaging DirectorHow to Vote at the General MeetingVisit the company's share registry Online Voting portal at the address below:https://www.votingonline.com.au/pergm2025Enter your postcode. Enter your Voting Access Code which can be found on your proxy form. If you do not have your voting access code you can call Percheron Therapeutics Company Secretary Ms Deborah Ambrosini on 0411 828 748 and it will be provided to you. Vote AGAINST ALL resolutions as shown below:

in all fairness
Letter from the Board PER
I’ve already posted Peter’s / Koutchen

Vote : but not with bitterness
your call !