Ann: Chairman's Address, 2018 Annual General Meeting, page-4

I'm aghast.  We are unbelievably far behind where I expected to be at this time!  All that time spent establishing relationships with distributors and carers associations, hashing out agreements, arranging home trials with families, obtaining certifications, completing the clinical trial... for... what?

"Our distributors have generated a level of early awareness of Mente, particularly in Europe" – This had been achieved twelve months ago.  I'll allow another six months while the world held its breath until the study results were published.  But since publication... nothing, and no explanation of why that should be so.

And following this section, a paragraph full of incomprehensible generalities!

1. "we have challenged our traditional business-to-business distributor business model"
2. "we are one step removed from driving the significant demand"
3. "there is also a long and expensive (but tested) road ... to satisfyautism institution and clinical requirements which are specific to each jurisdiction"

Add to this, not a single word from management... only the chairman.

I read this as saying:

• There has been (and will be) nothing meaningful on the sales front this quarter.
• Progress in sales is blocked for reasons not yet disclosed.
• Capital raising to be announced within weeks if not days (check last quarterly report).
• Lots of time (long) and money (and expensive) still required.

I'm out for the present; pulled a top-up order and sold what I had.  I'll be watching and monitoring, but I don't expect anything good in this space within six months, and probably longer.

P.S.  Just saw Cheryl Tan's Appendix 3Z.  I had more shares than her!  I don't think I've ever owned more shares than a director in any company!  Sheesh!

P.P.S.  A nod to @Grivas who started calling this out in September.