Looking at the total shares our cornerstone investors hold,...

Looking at the total shares our cornerstone investors hold, combined McRae and Alpha Swiss control 23.6% of the register... Include management/directors in this figure and we are probably over the 25% mark...

I have never been involved in any of my shares being acquired, so I thought I would look into the process and found this site quite useful - https://www.bakermckenzie.com/-/media/files/people/lustig-richard/bk_australia_takeoversguide_jan2018.pdf?la=en

The part of the process that is at the shareholders discretion is when it comes to a shareholder vote to accept or reject the bid. Given the voted shares test requires a special resolution to pass, no company can really acquire us (& our shares) if McRae and AS are not on board...



The company is on record saying that we could be acquired straight out of Ph1. I don't think anyone who comes after us would be satisfied with a controlling interest, I think they would be going for the full 100% control. So given that our register has so close to 25% sitting with the aforementioned fat cats, I cant really see us being a target for anyone pre-completion of phase 1 for 2 reasons (1) bid would likely be rejected anyway by all Shareholders, all it would do is inflate share price prematurely as market learns big pharma is interested in us and (2) McRae and Alpha Swiss would be unlikely to let go so early and they have the final say as per the above. McRae have had their money sunk into this for > 2 years and are currently sitting at approx. 50% return? I would think they want more...

As per current timelines, we should have Ph1 results for Ocular studies in humans Q2 next year... Patience is required and the share price may stagnate, but I suspect those who hold until then will be handsomely rewarded if this drug does what we think it can do...

GLTAH