q1 relenza royalty tipping contest, page-44

Interesting to see that the ASX has not issued BTA a speeding ticket (in reverse). This would force BTA management to answer questions such as:

- Why analysts and generally the market were tipping royalty revenue of $20-30 mill for the quarter. How could so many be so wrong? Who guiding this analysis (BTA/GSK)?;

- Why and how if GSK are saying in previous quarters they are producing at 190 million pa capacity sales are so flat this quarter? This should force management to divulge all they know and if they do not know, why they trust GSK statements in the first instance when providing their own (BTA's) guidance in roadshows, etc;

- What is the status of the relationship with GSK if they (GSK) can make these statements re production capacity (how is this tied to product demand) and have a decline in sales after such bullish statements by Andrew Witty. Has BTA been updated further as to why Relenza failed to sell in the quarter. This is information which BTA should be providing to its shareholders. If BTA had directly made the statements re producing to a capacity of 190 mill based on product demand and delivered a poor sales result it would be hauled over the coals (by ASX);

- Why the market may have got a sniff of the lower than expected royalty forcing the price over recent weeks from $2.20 to $1.90 (leaks).

- This could then extend further to the LANI deal as to better explanation why it is being delayed. I.e. flat market for product, corporate games with GSK whilst Relenza still in patent, etc

The sooner the ASX is gone as a regulator the better IMO.

cheers