shareholder's frustrations, page-29

This deal has been planned for months- I recall the company saying they would have investors put in at a premium.

andrew, I agree that we don't want a capital raising NOW for retail investors because who knows at what level it could be. There has clearly been a protest- with shareholders voting with their wallet- against this raising, and a general disenfranchisement with PYC not doing deals. The best way to raise would have been to get some very good deals on the table, have a share price rise, and then put out an underwritten rights' issue, with free options, and see how it went.

PYC could also pursue growth during the deal hiatus. Gee, if they bought out CXD (I don't own that one), they could probably make some money and get shareholders excited.

I really would like to see some cost-cutting. Other companies do it when times are tough. Here's some ideas:

* the conferences have to stop, Nick. A poster presentation at a conference attended in the past is one ting- to repeat it is too much. I don't know of any other biotech companies that do so many of these;
* admin costs. Seriously, Management pay is hefty. We are not BHP. Voluntarily cut your own salaries as a gesture reflective of the plummeting share price, or shareholders will give the remuneration resolution a thumbs down, and there'll be a first strike;
* check staff levels. In slow times, do you really need such costs? Do what mining companies do- lay-offs in bad times, and then re-hire in good times. Use contract staff.
* rent cheaper premises- other companies do it.
* Monetise your (our) assets: fold Phenomica back into PYC (we never voted for it to be "spun-off"), and *properly* spin it off and give phenomica shares in-specie to shareholders.

Tony, if you wouldn't mind, can you copy/paste the cost-cutting measures. The monetisation one is not really cost-cutting, but I really dislike when companies remove assets and privatise them. I remember how the share price slumped on that decision, too. Actually, Tony- copy/paste this whole post, if that's ok.