I guess I will disagree a little with the 'main negotiators' bit. I think if you talked with Richard he would probably say his feet have been held to the fire far more often since the Hockings got involved. I also think that is why there has been 'another' change of direction (in older shareholders eyes this is seen negatively but in mine it is positive) - the commercial focus is much sharper now and I don't think there is ANY assumption that people around the world are queuing up to sign for access to a library. Instead they have followed (lead?) Bioexecs advice.
The recent Board change must be the start of a refreshing as Wilson and McHarrie are both on the way out - I hope Curnow Cook stays for a while.
As for the size of my position - I tend to get involved for 2-7 years (well thats been my track record in other stocks so far) so I don't think of exits from observable daily liquidity - when I sold 90% of my ADO holding it happened over many months and the demand was overwhelming at the time (for the record I now own more ADO than I did ever before but at current prices). I also assume I might have to contribute to 2/3 capital rounds although I always hope I manage to pick a stock so perfectly I am only in for 1 - so far I haven't been successful at all!
I'm not pretending this is a guaranteed success - in fact far from it but the reward could be 5 or 10x plus (after a few years).
PYC Price at posting:
1.2¢ Sentiment: Buy Disclosure: Held
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