Dear friends in POET,

In my youth I climbed a few of Wales’s larger peaks in Snowdonia and encountered the phenomena of false summits.

On one rather challenging outward bound course was an anxiety raising route to the summit of the Glyders from Pen y Pass called ‘heartbreak hill’.When fatigue had set in and you could not go another step, the shattering demoralisation of realising that the summit you thought was just a few hundred feet away reveals itself to be a ridge 1,000 feet below the summit; as we oft say in the military, the effect on you is character forming.I think you can guess where this analogy is going!

In recent months and in the absence of expected news I remain encouraged and take great comfort from the comments of those who attended the AGM and the recent message from Peter Copetti sent via Chris Chu.

First the AGM for those who spoke to Dr Taylor it is quite clear that technical progress in not hide bound by the machinations of when to publish the awaited milestones. This is an on-going process, as we have seen from the patent applications. I now think it is safe to assume that not only is technical progress moving forward steadily but, from the reported demeanour of Dr Taylor, the delay in announcements of the long awaited milestones has more to do with their link to a business deal than the possibility technical problems, to the extent, that I feel that we can safely say they are complete. Surely, by now it would be incumbent for the Company to report any materiel failure affecting progress to shareholders and for me the fact they have not is comforting.

Peter Copetti’s words of assurance that he is no longer CEO and is over the moon with our star signings is also more significant that his mere words. He made his statement to Chris in response to the alarm being displayed by this board at the absence of news and its effects.Clearly he was concerned about our anxiety to break silence but under NDA could not disclose one iota of comment on any matter relating to progress towards the deals that we all hope are at the heart of the Company’s silence. But surely, the simple act of breaking silence momentarily, in response to our concern, is a signal that offer us his confidence; Guys everything is all right trust me trust management.

Back to mountaineering, and your morale. Climbing to the Annapurna sanctuary in Nepal, above 15.000 feet, suffering from the altitude and lack of oxygen, our little group, mentally locked in the personal silence of challenging individual endurance, flopped down fatigued to rest on one such false summit, the mood was one of deep depression and inner searching for the will to go on.Eventually, unrested and down in heart we stood and continued our laboured progress. A mere 30 meters above our resting spot we crested to find the Machapuchare base camp that we were heading for.Unparalleled joy broke out and a burst of previously unfound energy propelled us forward at some pace in time for our ‘sundowner’ and new found vigour.

Not having a route map it’s hard to say but from by the number of false summits this board has endured, I would say that base camp could be there right around the corner.One thing for sure is there is a summit there. I look forward to the euphoria.

sulasailor