Panax and misc update - 1 Feb 17'

Received a response to a rather narky email I sent to the company at close yesterday asking why Panax deal had not as yet been signed sealed and delivered. I received a response below last evening from Brett Mitchell - exec chair of the company.

No probs at all – the completion of the deal is going through final independent sign off for all local laws, use of future IP etc by KPMG, and the formal research agreement was being completed and translated to Czech.

I met with the Academy Director and head Professor in early January, and can let you know it is firmly on track as per recent ASX announcements.

Understand the frustration of the delay with it, I am also frustrated, but we have ended up with a superior deal to the original and it will all be confirmed shortly.

Regards, Brett

Subsequent to this email I asked whether he could provide timelines / ETA beyond "progressing" and "in final stages etc". Brett's response below:

I know it has been a very frustrating delay, the whole board shares the concern by our shs, but following my recent trip to Prague I am very excited by our partners, the project and local support with licensing etc.

Re timing- it's days and not weeks.

Moral of this story for "retailers" in the house, hang in there. The reasons you bought in are not scuppered by any means, MGC are working away and have nothing but upside (IMO)