shares on issue, page-46

Teddy management has set a track record. Without changes l suspect we are in for more of the same. Take the options they have already announced to go with ACL oncology. Lets say the onco floats at 50c with a MC of $75m. Sounds reasonable at this point. The strike price for the options is 30% above the VWAP for 60 days post float. l can hardly imagine earth shattering news in that brief time. The time frame for exercising these options is until either 3 years post IPO or 6 mths post phase 3 results announcement.

Given the news we expect from the trial we could easily see an SP of $2 to $3. So these turkeys stand to grab a windfall of $20 to $30 million and whilst they gain this we are diluted by a further 8%. l call that a first degree shafting.

At the risk of repeating myself us retail holders have supported and held this company up since day 1. Everyone can draw their own conclusions as to how we are being treated now by this inept board.

All based on guesstimated figures l agree but very feasible.