Tomboys 2015 AGM Report, page-6

Attended the AGM this morning. I have left with mixed feelings.

On the positive side it was strongly implied that there will be some positive HSV and HPV results that will receive worldwide attention. The regenerative tissue product line will also increase over time. All indications were AHZ was ahead of the game here and watch this space.

Lee Rodne was impressive in his corporate knowledge, although he was not willing to directly respond to several reasonable questions. In particular he avoided any discussion on capital raising. When asked about the need for cash he mentioned partnerships and debt options, but even when pressed the words capital raising were not coming from his lips. My interpretation was that the mostly likely option to generate more cash is going to be a capital raising, as Lee looked extremely uncomfortable when responding to these questions.

Negatives were that there is little indication of a significant/exponential increase in CC sales to generate a profit in the short-mid term. It was mentioned that CC production costs should fall, but several requests for better sales information was not really acknowledged, and the sale process (the steps to get a footprint in hospitals) was only generally described. Requests for projections or forecasts were sidestepped. Some members in the audience had done there own calculations of future CC sales, and not even this could lure Lee into a meaningful discussion.

I was surprised at the very weak performance of Chris Caitlow as chairman. He did not seem comfortable addressing the audience (maybe cause he is feeling the heat of also being chairman of Triton Minerals which last week announced a capital raising on shareholders who were expecting a part ship deal and sp has dropped almost 50%). At one point he responded to a question about consolidation of shares by noting that the resolution was not the boards position but included due to a request from a major shareholder. He reiterated this a few times until a member of the audience read out the resolution to confirm that it was the boards position. The other AHZ board members didn't really help him out of this hole while he was digging it, although when it became clear the room was going WTF then Lee Rodne stepped up. Seemed like Caitlow was a bit out of his league or not across subject matter. A new chairman would not be a negative in my opinion.