"Take a Closer Look", page-13

Hi Anthony - have a look at note 15 to the annual financials 30/6/16. It discloses that Admedus holds 72.8% of Admedus Vaccines at that date and the cost to that date was $13,000,049. We tipped in $3.5m last year to get to that figure. There have been no further payments to 31/12/16 but if you have a look at the prospectus from the last rights issue an amount of $3m was earmarked for - "Further investment and development in immunotherapy programmes in conjunction with Professor Ian Frazer". I guess this will increase our holding when the funds are advanced (unless we get a partnership deal before then).