Looking forward to the SPP results on Tuesday. Have no idea what will eventuate but hoping for the best:
(1) Don't meet base case raise, Market teaches Race a lesson and I learn a lesson surveys can't be trusted. Speculate that Race would work behind the scenes to get insto and sophs raise shortfall on Monday and announced Tuesday to top up to mid / full subscription.
(2) Base case meet, can push onwards at a slower rate than I hope. Pray for oppy conversion in May to top up funds to full subscription to accelerate plans. No market reaction from SPP approach.
(3) Mid case reached this would be a great outcome and applaud management. Gets FTO, Cardio protective and Reformulation pathways moving at full steam. AML Euro on the back burner for now but is ROI for ED AML for $9m as significant as ROI Cardio and FTO for roughly the same each? I think this is why the funds are allocated in that priority (i.e. accelerate + maximise return on investment)!
(4) Full raise / oversubscription: Race starts a new world order for SPP, AFR Street Talk full page spread, Brokers scramble to understand what the hell happened. Scale back of entitlements leaving some thinking they got hard done by, despite all the upside - there will be those who whinge!
A few more sleeps to go!
Ann: SPP Closing Deadline Reminder & Investor Briefing Recording, page-65
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