"On the topic of Hoyland commenting that an investor could purchase a further 11% on the market.."
If I could put my following comment in context first:
I think the CR outcome is about the middle of the road in terms of the best to worst spectrum. The buy-in price should have been higher but was probably negotiated before last week's sp improvement. It is interesting that the price was fixed and not based on an average of three previous trading days but it is what it is. On the other hand, I agree with other posters that it sounds very much like there are a number of other investors buying in as opposed to a single VC and that is a good thing. Also, the amount expected to be raised is expected to take us to Pll for HCV while allowing NSCLC to continue (no mention of what is the happen to the other programs, which is a negative) and that gives us some security.
To answer your question, we don't know how many shares the investors in the private placement already have - we do know what the Directors have but that is all. We won't know the answer to this until the meeting. So, even a 3% creep could have taken an existing holder over the 11%. However, because of the points made above I don't think that this is going to be an issue. I cannot see this CR as the basis for a take over. It is middle of the road and could have something for every one if the SPP goes ahead - another point that needs to be clarified in view of the over-subscription comment.
BLT Price at posting:
32.5¢ Sentiment: None Disclosure: Held
