Ann: Notice of General Meeting/Proxy Form, page-23

I've been having another look at recent Optiscan postings and announcements.

One bit of reading was the Annexure 'B' (page 1 of 1), which was part of the company's ASX release (Notice of General Meeting) of 4th. April. This puts forward the removal of Ian Mann and the election of Messrs. Lurie and Mutton. Meaning a net increase of one to the existing board of five.

The annexure , which is in letter form is addressed to Optiscan shareholders. It states many times "we" ("we are seeking your support", "we are surprised ....", "we are disappointed....", "we remain forward looking"). But there is no signing off at the bottom of the letter. Presumably it's from Messrs. Lurie and Mutton.

At one point in their letter it highlights the auditors comments to the 20-15/16 Report that "there was material uncertainty regarding continuation as a going concern".

I have some back copies of Optiscan's Annual Reports and it seems that in 2007/08 the Auditors first raised this matter. They said, in part:
"Inherent Uncertainty Regarding Continuation as a Going Concern - ............ in common with other biotechnology companies, the operations of the consolidated entity and company are subject to substantial risks due primarily to the nature of the product development and commercialisation being undertaken. In addition, in order for the company to execute their longer term plans, it will be necessary to raise additional funds in the future. The Directors cannot be certain of the success of any intended fund raising of product development or commercialisation. As a result of these factors there is significant uncertainly whether the company will be able to continue as a going concern..........."

Similar sentiments have been expressed in the Annual Reports each year subsequently.

I've been a regular reader on H.C. since 2013 and despite gmutton's regular contributions to the OIL thread, this is the first time he has expressed a concern regarding this aspect. He and Mr Lurie seem to have been trawling deeply to pick up any item to express their concerns.

MM