Jon is an amazing hard-working leader. My only gripe is the...

Jon is an amazing hard-working leader. My only gripe is the company’s rhetoric (and presentations) sound like an established dividend bearing company at the end of its life cycle.

We are a growth company with an unreal bank account. Our runway is long, and we are pioneering within our industry.

The pathway presented by the company at yesterday’s AGM is only until the end of the third quarter. There has been no road map on what the preferred longer-term option is. I believe, this is becoming frustrating for long term holders who want an indication (i.e. go alone in two indications; get an equity partner; look for a full takeout). With no clarification at the AGM perhaps some long-term holders are partially selling. A lot have a large percentage of their portfolio in NEU. This capital is becoming tired in my opinion.

I’m not saying Jon and the team should over promise and under deliver, but nothing was even insinuated (i.e. are big pharma even interested at this point…). Small comments can have a big impact and it was a shame there was no live video at the AGM as body language can reveal a lot.

Playing with a straight bat is great but punters love a bit of hype and NEU is a lot of things but it’s not a hype train. Not one iota. If a take-out is not in the medium-term plan, this needs to be communicated (complimented with a longer term road map). If a take-out is on the cards, then Jon and the team need to throw some petrol (or at least a dry piece of wood) on the fire so a reasonable take-out figure can be achieved (at a premium relative to the share price).