Ann: Race investor briefing & updated presentation, page-294

A subtle point from the invester presentation that I don't think has quite been discussed in this way yet is highlighted in the slide below.

As we know, buyouts can be five times peak revenue potential. This suggests to me that RAC "conservatively" believe that Zantrene is an AUD $18.3B [( 2.6B x 5 ) / 0.71 = AUD $18.3B] opportunity for AML, renal cancer, and melanoma alone. That is $91.55 per share at 200M shares on issue.

I understand that this is my own interpretation and extrapolation, but I do believe this is the first time RAC have presented what they believe the value of FTO to be to shareholders.