Reply to My email2 Sep 2025 20:09
Could you please raise the following points with the Board of Directors and/or Gino at your earliest convenience:
1. There is a significant concern among shareholders regarding the Board's communication practices. Can the Board clarify why communication has been inconsistent or lacking?
The Board recognises the importance of consistent, transparent engagement with their investors and stakeholders. Public communication adheres to regulatory requirements, commercial sensitivities, and the need to ensure announcements are accurate, and appropriately timed. The Company can only make announcements when there is news to share – when it is meaningful and appropriate to do so. Conversely, a period of no communication does not equate to inactivity and bad news.
2. What is the current status of the FDA application? An update on the progress and timeline would be appreciated.
There is no further update from what has already been publicly stated.
3. Why have no members of the Board purchased shares in the company to date?
Directors have purchased >ÂŁ170k since Jun-24 and participate in share purchases when it is permitted to do so under strict regulatory adherence.
4. Do any Board members plan to purchase shares in the near future?
I am unable to comment on any future share purchases and the Company are required to announce all director dealings.
5. Given the current circumstances, would the Board be willing to consider a temporary 30% reduction in remuneration?
The cost of the Board has significantly reduced from the amount reported in FY24, during a period in which the Company demonstrated product-market fit, by doubling total income in markets that they are at the forefront of creating. The operational costs have shifted from pre-commercial to commercial activities and for a publicly listed business operating internationally in a highly regulated medical device and in vitro diagnostic sector, they are low and continue to be managed tightly, with all options for minimising cash expenditure continuously reviewed.
I am finding it increasingly difficult to convince shareholders to vote in favor of the upcoming resolution. I have secured approximately 4 million shares and, at this stage, I am not inclined to vote "yes" without more clarity and reassurance.
I would appreciate a direct response from a member of the Board, or alternatively, a formal RNS addressing the above points on behalf of the shareholders I represent.
Thank you,