Ann: Ethics Approval for Phase 2 Atopic Dermatitis Study Received, page-58

Wont bother again with stock market 100 after this.

The 12.1, million are options, not fully paid shares.

Only fully paid shares are used to calculate the top 20, not options,

Options are meaningless unless they are exercised, they have no voting rights unless exercised .

So to be very clear, the Pershing Nominees (Argonaut) are fully paid.

The 12.1 million options have been their since the IPO, it would appear they were part of the fee structure for the IPO which is very common.

As per the research note it seems they still hold the options and there has been no change in the fully paid top 20.

Good luck.