Glass half full, page-5

Lawrence, I totally agree. When has an opportunity like this ever arisen? A company with 3 years cash, with two potential blockbusters, trading at less than 1/2 its cash backing, clinical trial experience, disruptive technology, and no debt. The price is totally out of whack considering the cash position and imo a result of many gullible investors in the USA forced into selling at such low prices because of the Aussie dollar falling 30% since 2013 when Dr KSS started buying and pumping the stock. Having Benitec listed on two exchanges, with low volume trading, and investors blinded by a Dr Jeckyl/Mr Hyde character has seen this stock plunge to unrealistic levels. The two exchanges just follow each other down day after day as the AUD falls. End of financial year selling is also exacerbating the problem.

It is very easy to blame management for all of this. But, investors need to understand that BLT, although being in business for 18 years or so, is still essentially a biotech start-up. It just listed on the ASX way too early. But, that is just the way the Aussie market works as listing is the only way to get cash to continue operating. If you look at US biotechs, they have been in business for a similar amount of time (usually under a different name), still in the clinic, still without profits. They just had access to venture capital so listed 15 years afterwards as 'start-ups'. The whole sector has been decimated, but BLT has been sold down so much more savagely, despite it's better financial position and prospects than many of it's peers, both here and in the USA.

I suspect that Greg West is in his 'trial' period. They are probably just negotiating his relocation allowance and renumeration. Anyone else notice how the Board were talking him up on the last conference call? Personally, I don't think a lawyer and an accountant running BLT is an issue. I would bet on drive, initiative and reputation over letters after a name when it comes to CEO success every time, and history would back me up. In fact, some may see that as an advantage as scientists can be very cautious and not very business minded. To my mind he has enough experience in biotech companies over the years to run the company perfectly well.

Biotech will have it's day in the sun again, and when it does, the rush to get back into Benitec will start anew. I can only hope optimism in the sector returns before they run out of money.