shares on issue, page-66

I am not with my paper research on accounts at the minute an dtyping this on 1 hours sleep but to protect us we need to see unconsolidated accounts and how the prior raisings were allocated internally as they were to get oncology going but were spent on getting Fonda approved ( well actually on wages while we sat stagnant waiting) . This internal allocation of staff and costs is important as when a split happens you need to know where the cash held and any ongoing internal debt transfers stand.

Basically you don't want a split happening with Fonda getting all the debt ( as it owes onc craploads ) and then being the small shareholder who doesn't get a fair share of ONC . Effectively you have been burdened with debt and the split stops you getting access to the full benefit ( your fair share and risk) of possible income and upside of the ONC side of things. What is the risk of fonda not paying a debt to ONC?? . It would hold back the poor cousin Fonda if it was burdened with this prior debt via a internal transfer at dubious valuations.

Hope that makes sense a bit and accounting rules prevent some of it but in the end a valuation at time of split or annual revaluations already done may already have set in place smaller holders getting rolled.

This adds up to why I don't want the split at such low valuations before income stream is realised and on the accounts and the books cleaned up so it is plainly obvious how costs and income have and will in the future been allocated.

Faith in auditors and accountants compared with corporate brokers doing a deal for the big boys - well let me just as that the big boys win when there is weak management who are not in it to protect small holders.

Hence my no vote. As much as I like the cash, I hate the low price and dilution but without it they are forced to clean up the books so to speak and not do a dodgy split happens. Yes I know the risk to price and the selling pressure that will happen if the big boys get wind of a delayed spilt but how much worse could it get and how long would it be sustained for before fonda earnings would pull us through and in the meantime we get a bite at cheap entry

Should there not be enough money ( strange with bio's I know) where the management seem to spend it if exists and the more that exists the more they throw at themselves or crazy schemes that appear rather than concentrating on what it was for. Not a huge downside to possibly get another bite as a small holder at another raising no matter what the price. If it was next Oct lets say - pretty hard to believe it would be at a lower price??