Ann: Elanco Option Update, page-130

Correct me if i am wrong but I thought PAA developed the canine trial parameters (number of dogs, period of trial, dosage, test objectives, final report content, etc) in conjunction with Elanco so that should the trial prove "successful" i.e meet Elanco's requirements, exercising the option was a fait accompli.

I also assume Elanco monitored the trial performance and would have provided comments and input along the way should there have been issues unacceptable to them.

The fact that they have not taken up the option, after seemingly successful results with no reasons provided for rejection, and on the basis on an informal email notification sets off my alarm bells which are screaming with conspiracy thoughts, basically that there is more to play out with this rejection. The facts that:

• the TH (re Elanco) was called on 7 September yet the actual announcement mentioned the email from Elanco rejecting the option was received on 8 September. Given the brevity of the announcement no TH was realistically required,
• knowledge that an announcement of Elanco's rejection would have a material adverse impact on the share price,
• the release of the MPL anti viral confirmation announcement immediately after the Elanco rejection (no mention in the TH announcement), and
• interviews arranged and cancelled at the last minute with no comment and/or justification

adds more fuel to my conspiracy thinking.

Could there be a T/O offer being engineered in the background

Gotta love this company...from an information drought to a flood of red ink.

Regardless I have joined the spartans and will continue to hold and enjoy the spoils of the fight.