Ann: Withdrawal of NBIO, page-63

To me, the most significant thing about the conditional offer withdrawal is that the the potential bidder is still prepared to engage. Plenty of bidders would have said "s.od this for a game of soldiers" after BTH went ahead with a cap raise and confidentiality was lost.

Also, I wouldn't assume that the 25c automatically becomes 20c because of dilution. A couple of reasons :

- the 25c could have been an opening salvo
- With cash in the bank and Regal off their back for a year BTH is in a much stronger negotiating position.

With the shares sitting at 10c the board can't entirely dismiss a proposal at a 100% premium to the current share price. Or any other proposals that come along.