on the move? agm notes...

Informative meeting with plenty to chew on.

Some of the meatier questions I picked up from the floor included:
Q: Shouldn’t Solbec's core activities include equities trading - given recent dealings and current holdings in Jetset shares?
A: The Jetset involvement was a one off opportunity that has benefited the company significantly. All holdings to be divested over next 6 months realising around $1.6m (should keep things ticking along a little longer!)
Q: Why did MR sell a large option holding earlier this year?
A: MR put up $175k of his own dosh to ‘underwrite’ the options issue in the early days. He sold to release that earlier investment. His holding of FPO’s is unchanged.
Q: What about the option holders? What will happen to the options?
A: Board is confident of achieving significant milestones before June 03 in which case options will be in the money . The major hurdles now relate to establishing the safety of SBP002 (no longer BEC 2S) via the clinical work underway in Canada and here. If events do not come to pass as hoped there are opportunities to compensate current options holders (new options issue) but this would take some working out.
Q: Why has shareprice jumped in last few days?
A: Not clear but Melb Age did 2 page spread on potential of treatments for Female Sexual Disorder (Andro-feme) recently. Also recent biotech journal exposure.
Q: What about marketing. Shouldn’t there be more effort in spreading the word?
A: The focus is now on achieving results from the trials. Financial and pharmaceutical support will come when the product is proven with the trials results.

The Lawley Pharmaceuticals flagship product Andro-feme is looking very good. TGA approvals underway with a major milestone meeting due Feb 03. Confident of approval – when not if. Andromen Forte is submitted to TGA in Aug-Sept 03. Very significant market potential for all products.

All up the board and team look very focussed – no short cuts or bullshit, plenty of very encouraging results so far, a long way to go but should be worth it.