Ann: Cellmid Share Placement Raises $9M, page-24

With 83.2M shares to be on issue after the CR the three major director holdings of any significance will sum to 10.3%, with King holding 1.40M (1.68%), Halasz 1.83M (2.20%) and Eck 5.33M (6.40%). At greater than 5% Eck becomes the Company’s first individual substantial holder.

Worth remembering that the directors’ participation in tranche 2 of the placement requires shareholder approval at the September EGM. For those who truly view this issue as reason for concern, discussion on the relevant resolution at that meeting would be an appropriate opportunity to record a formal response to a direct question about management’s intentions going forward.