Tomboys 2015 AGM Report, page-77

Hi Russ,

I do see where you are coming from, but I've got a different view on directors (or employees in general) purchasing shares. While I have been employed in several jobs where I was granted incentive shares or options I have never taken up opportunities to spend out-of-pocket to purchase additional shares in these companies. My rationale was simply that, as a full-time employee, I am already investing a huge proportion of my energy, passion and talent into the business. Should that succeed, I will be well rewarded, with gains from inccentive shares and continued employment. But should the business fail, for reasons out of my control, I would find myself with no shares of any value and no employment. It's an 'eggs in one basket' situation, and better to diversify investment with any 'spare' funds.

As for Powers, I guess it is a positive that he has bought shares - at least shows some confidence that they won't tank overnight. But there is always doubt cast on the advice from vested interests. Now that he holds, it makes sense that he would talk up the SP re-rating catalysts (i.e good vax results) while selectively ignore the risks (i.e. vax results could be bad). I'll take it with a grain of salt.

exee