Ann: Change in substantial holding, page-10

NAN had a capital raise at $1.65. They raised after it had a big run up and before their cash was anywhere near going dry. AXP should've done the same and raised more when it was 70c+, not take on debt.

Going with GE at the time was a great move for NAN. Sacrificed margin for being able to sell through an existing sales network. Leveraging off GE's skills, they developed their own sales team in parallel to then move to a hybrid.

AXP seems to have been misled by the initial success in Australia. It is not happening in the U.S. Going all-in on its own sales appproach has failed badly. They should have teamed up with a major breast implant manufacturer or other business with a sales network they could have leveraged.

You give up margin in the short-medium term but probably increase unit sales growth while significantly cutting costs and risk.

Not too late to pursue this but no doubt they will still need to raise capital given sales growth is apparently non existent atm.