Ann: Entry into amended and restated Scheme Implementation Deed, page-85

Two questions I am asking myself today

1 Why TK is not advocating the scheme now?
You’d say he’s not allowed? No. He was talking all the way from 11.5c to here. It’s either he knows shareholders won’t like that talk, or he’s not in the mood as lifting up the bid price made things different for him. Looks like the conference call was torturing him right before the Ann.

2 Why Pfizer up the bid?
11.5c was a random SP reflection, 14.6c was from IER draft when data confirmation test failed. Today’s 20.8c is not explained as “Result of BOD negotiations hard with Pfizer……”
So we know it’s Pfizer request rather than BOD persuasion, likely to be the following

A. Pfizer BOD team worked so hard to force TT and others No voters change mind, but too many of us are holding tight without fear when it hit back 11.5c. Pfizer don’t want to risk failure
B. Covid tool sensitivity tweaked up to Pfizer’s benchmark, they smelled FDA
C. Other progress i.e. sleep check dx FDA other telehealth deal are pushing

Noting timeline is against Pfizer here, if this has to be prolonged with No vote, it’s killing Pfizer. R&D research will finish by 11 Oct 2 month from here, it must be frustrating for them to either walk from No result or raise the offer after that. That’s how they decided to insert a new price tag without delaying the scheme.

Ultimately we kicked out low ball offer #1#2, here’s #3 still no premium. If we hold tight not selling and are risky enough for Pfizer, we can expect the offer with premium above 27c. The next 30% will mean a lot to many of us and our family, a reward RAP shareholders deserve for years of faith. At the moment I still vote NO, thank you Pfizer.