Corporate Governance, page-7

Thanks for your response T7 however you have ( respectfully) completely missed my point.

The 4c will ( I think ) be released today with the Tuesday being the details of the CR.

If the 4c is a good as the last ann suggested then there cannot be a discounted issue to Directors or associates as this would have been offered with prior knowledge of the 4C content. This scenario will be averted if the CR is open to all.

With respect to your point on the likelihood of the SP falling to the CR level and thereby providing an opportunity to retail holders this may or may not arise. It has in the past and many shareholders who comment on this forum did take advantage and yet some did not. When Dennis Eck bought in at 38cents I think it was there was plenty of opportunity for retail holders to buy however i suspect they did not have the insights that Mr Eck would have had available to him....such is the market. you may recall that the SP fell from circa 50c to 38c at which point Mr Eck was offered stock "at market"....really !! Still I accept this is a function of "the market" and how funds are raised for a public company...many ways to raise a dollar.

With respect to the shareholder approval you know as well as I do that the Chairman's proxy vote makes it as good as a done deal. Remember the Chairman is the person who holds the Governance card in this game....yes governance ( ie Combank and Royal Commisions come to mind).. Also why do you think there are a spate of Class Actions in Australia in recent times. That's right ...a lack of Governance in corporate Australia in certain pockets.

With respect to your last statement I fully concur and commend management for the outstanding efforts in the Advangen business. Let's hope that the Midkine portfolios of Lyramid and Kinera are moved along the pipeline a little quicker. If the latest presentation is an indicator then the emphasis is likely to be on the Advangen however i am sure midkine will receive a notional ...."progressing to the clinic" commentary.

In general, I am very pleased with the companies progress and think this CR will be value accretive for 2019 as per the presentation...a breakout year for 2019...perhaps a few spinoffs and US listing coming up as well.