Ann: Appendix 4C - quarterly, page-17

"...In terms of continuity I would say Brooks & Stubbings would be the 2 to replace/retire."

Chairman Dr Michael Monsour is wearing much financial skin and is likely to get more. He's coming up to 10 years on the board and can be expected to continue.

Ross Mangelsdorf is ALT's part time CFO. He may also want to continue.

Last year ALT paid him some $220k for board and accounting services.

But ALT's destiny basically lies in the US.

CEO Geoff Daly told investors in his Melbourne briefing that the company may need to raise $10m, $20m, and perhaps $30m in order to realize US potential.

If he's right, Ross Mangelsdorf might make way for a person with US funding credentials and choose to concentrate on his Queensland accounting practice.

Americanization of ALT would also have implications for Geoff Daly in his role of CEO.

As for Carl Stubbings, GD is a noteworthy fan.

The fourth director, Warren Brooks, has a background in stock broking/investment banking.

Meanwhile, the question arises as to how serious directors are in achieving gender balance on the board.

Answer: Not serious at all.

While the ALT board is aiming PeriCoach exclusively at the female incontinence/libido market, directors want men to maintain at least 85% control.

The 2014 annual report's Corporate Governance Statement reveals the board is targeting female representation at 15%.

This target needs modification...if only because the CGS doesn't make arithmetical sense.

One woman on a board of seven equals 14.3%. One woman on a board of six equals 16.67%.