Ann: Midkine Symposium Munich, page-80

I suspect yours is a rhetorical question given your unbridled support for the Board and CEO over time. However the answer is clear and their more of the same is not in any one’s interest. A barometer for that is the sp downdraft to record lows you may not have noticed.


The ‘more of the same’ the Board and CEO would reasonably take licence to perpetuate, knowing the unquestioning support of their disciples, you can readily read from the extensive concerns of posters even over the past year.

Examples of more of the same include:

the risky expansion to the US and elsewhere without any prior success in Australia; the failure of Evolis to gain any acceptable sales growth in Aus; the serious risk of potential insolvency from overtrading beyond the company’s resources to fund save for capital raisings; the lack of transparency on numerous aspects of Advangen’s operations (not needed for commercial-in-confidence) including secrecy of sales figures for Aus and the US any anything else you care to need to know to keep abreast of your investment; no helpful information on US progress and no update from Color Collective on the original $100m sales within 7 years estimate; virtual cut and paste fill in segments in quarterly and other reports; ill considered consolidation of the company’s shares; tacky substantial bonus to the CEO on spurious grounds in addition to an already generous salary package; tacky directors fees increase in the face of a sp collapse; ill conceived litigation against Ikon with the loss of the case impacting substantial financial cost to the company; no apparant funding by Advangen to the 2 Midkine subsidiaries to enhance their progress as promised years ago on their incorporation; minimal information from the multiple annual Midkine conferences held overseas except the usual hope for collaborations and partnerships; and no comment, announcement or any other response from the company in respect of either the >70% collapse or the ongoing speculation of a dubious management buy -out in play and manipulation ofthe sp, contrary to usual corporate practice; etc etc.