Hello All,First post on HC and PYC. I have followed with...

Hello All,
First post on HC and PYC. I have followed with interest over the last few months.
Appreciate the effort Tony and will oblige as maybe this brings it all together, but surely they must know shareholders' frustrations.
My frustrations along with constructive comments:
1. The Board are not delivering as evident by the market cap. I gather weak shareholders have exited and markets have somewhat recovered. Pharma would be all over PYC if it is that good despite changes in their structures (I worked in Pharma for 10 years). $10m market cap is peanuts. Take $50m, it really is small fry for these top Pharmas. I believe a deal must be signed and funds received prior to the 23/11 agm (1 month) to get back market credibility.
2. Notes deal - this is structurally floored. It simply does not incentivise short term share price appreciation. I think it should be changed to include a floor price, say 2.2c being what was recently paid for a decent chunk on market (see through 3rd party price perhaps) off Naos?
3. Market/Analyst coverage - It would help to get the broking community behind us to get momentum. RBS Morgan's are a decent size broker and active in bio. What has happened to their and other Australian brokers' coverage? I realise mkt cap is small, but RBS puts out daily client emails and it appears as though the only change is when they delay the milestones expected to the next quarter. Last report I saw was their Feb 12 report (PT 9.3c mmm). Probably too late but it may have been better to pay these guys to raise funds and have an active after market with their client base. Suggest close a decent deal to get credibility back and re-establish communication/support.
4. Communication ASX - needs to be improved. Classic example. Notice of agm set for 15/10 goes out on 24/8. I find out on HC that it has been postponed. ASX notice of new agm date goes out on 18/10 (after 15/10 date passed). Also has NAOS exited as indicated? Why no change in substantial shareholding notice?
5. Shareholder communication - The executive chairman's shareholder letter of 7 July is good positive reading. So many promises finishing up with PYC is well positioned for a re-rating of its share price over coming months as goals are delivered. Suggest the October shareholder letter/September quarterly sets out more realistic goals as we know Pharma is slower now. Use deals expected Q3 FY2013 or 2H FY2013 etc not shortly.
6. Director shareholding - it would be comforting to see on market buying, bonuses/salaries (part) paid out in shares etc rather than increased shareholding/notes via non upfront payment.
7. Cashflow/costs - Be specific as much as you can as it continues to a major shareholder concern (perhaps in the EC quarterly review) regarding cash position, burn, timing of R&D refund, milestone payments expected etc (again suggest use Qtr/HY time frames not weeks). Perform a cost review, delay and/or cut unecessary costs including staff (times are obviously tough). Consider as a good faith gesture taking a short term (1 year say) cut in salary, perhaps compensated by shares (say at the 2.2c level again).
Cheers
Craig