Ann: Medgate extends licence agreement and plans to expand use, page-64

"take the $3mil or whatever from Physer" - in my opinion, almost certainly yes. I suspect the directors thought they could grab the cash in return for for allowing Pfizer to make a bid, and trusting the shareholders to knock the deal back on the price. But I also suspect that Pfizer headed them off at the pass with all those clauses requiring the their complete, unreserved, unanimous support of the deal. I don't think they would have expected to be stitched up so tightly.

Then... when the independent expert's report came out I think the directors saw an opportunity to prove their technology in a blaze of global attention with the data confirmation study. Again, that didn't quite go as planned. Leaving all of us in anguish over the extended delay.

Now with the last two announcements I expect an upwardly revised independent expert's report to be released in the next few days.

And when it is, I fervently hope that the board seize the moment to withdraw their support for the deal and bring the takeover to an end. Then the company can move forward again without the shadow of the behemoth looming over it...