PAR. SP, page-52

”Then tell us what is going on behind the scenes”.
Spot on Beaza! They/PR hide behind commercial
confidentiality etc excuses, to keep us in the
dark, as there is probably not much going on at
all in the way of an imminent partnership or
partnerships; and they want to keep the Marco
fiasco under wraps.

Mind you (and many will disagree with me as
usual), I think it is still better to delay a
partnership until we are in a better bargaining
position, especially with OA, until we are
further down the track towards NDA sub.

In any case, it appears upfront MPS partnership
payments would likely not be great enough
to stave off a CR for long. IMO, we should
just take dilution on the chin, as long as all
shareholders are given the opportunity to
participate. I know some here will say retail
holders don’t deserve to take part in a CR,
because there was not a substantial uptake
last time. There is no reason why PAR cannot
raise the required amount from existing large
shareholders and instos and then on the same
terms raise some extra scraps from
retailers if it turns out that way. Even if we end
up with SOI of circa 500M after regulatory
approval, I don’t think that is outrageous, for
such a potential blockbuster. Bloody hell, look
at IMU as some on here rave about, as a
comparison.