DB. A 20% holding would represent about 11M shares. The six...

DB. A 20% holding would represent about 11M shares. The six Board members combined currently hold 5.7M ordinary shares.

The unlisted option entitlements would be distributed between members of the Board and senior management for incentive reasons, and could be considered as a component of Management holdings. Three of the directors (King, Gordon and Walton) held 8,000,000 (now 400,000) of the old options exercisable on 19 November 2018 at 6 cents (now at $1.20). Combined, all unlisted options would represent 1.7M current shares if exercised.

The 28.0M old shares (now 1.4M) owned by Cell Signals would be controlled by the discoverers of midkine, who are shown on the website as the Company’s Scientists. These could be loosely seen as forming part of a ‘Management’ holding.

This gives a total of 8.8M so far. Inclusion of the holdings of other executives not requiring ASX notification would push the figure higher.

The issue of options to executives as part of incentive schemes forms part of a director’s remuneration report each year. Issue of the 1 August 2018 options that you refer to will have been approved by shareholders at the 2013 AGM.

Cheers