Ann: Shareholder Update March 2019, page-32

I hope you're right. I managed to top up briefly at 99.5c last week, but I'd be happy to top up more if it slips below $1 again. The way I see the timeline from here (giving SPL the benefit of the doubt with timelines,) April - the FDA meeting, May - Aspen launch of Fleurstat, June - Mindipharma launch in Europe. The question is, how much has the FDA meeting outcome already been priced in? There may be a nice surprise, in which case the SP will rally. Even the worst outcome should at least provide some clarity, which may see a short term dip followed by slow appreciation. As VivaGel starts to gain traction and launches in different regions globally throughout the year, hopefully we will see a gradual strengthening in SP, followed by a US launch at some time in the next 24 months, and some progress with DEP in the meantime. The quarterlies should show improving revenues. I'm not expecting much from Q4, but hopefully Q1FY20 will give us some confidence, with steady news flows to follow.

I think Mundipharma are an unknown quantity and may surprise on the upside. Europe intrigues me. It has massive potential, and I hope it generates massive revenues. That would put the FDA to shame (assuming a negative outcome there,) but it would also call into question the BOD judgement in holding off a European launch for so long given that the approvals have been in place for years. I guess we can all forgive them if they get the strategy right from here and don't just repeat the condom fiasco. The BOD has a lot of credibility they need to restore. Hopefully the next AGM will be a more amiable affair for everybody.