Ann: Equity Lending Facility Incentive Program, page-173

Of course the Arrowhead report is ignored because it's completely out of date and was largely based on things not happening. It was also under the impression that the TPA was some kind of important or significant event. When probed later the company admitted it was an MOU. What's more it was written in 2015 and gives the fair value of the company. 


Now because of the dilution from the punters of Punt road the SP at the fair value then is only about double the share price now, and that's at the higher end of the valuation. What's more the report shows some of it's assets as the Matmor technology process but as we have seen this patent expires in Australia next year. They bought the patent from Cajella group for 4.5 million in 2014 so what's their return on investment for that? How much do you think a patent is worth when it expires?