delisting, page-14

I think delisting can be a really good option for a number of reasons but of course holders or those that continue to remain holders will only know in time & sometimes the risks can also be greater without an easy option to exit a position or having a market to provide the price.

Benefits -

> a stock market puts a price and value (in some cases that could be determined artificial) on the company. Once it goes private any price to a partner, suitor or prospective one is put forward by the company themselves. I's hard to say we believe we are worth in excess of $100M (just an example figure) when the publicly displayed stock price or value of the company says it is worth $10M. The power goes back to the board not the market when anyone from outside is looking at the company and trying to place a value.

> Secondly look overseas at the premiums and prices private biotechs are listing at over the last 12 months. Delist a company continue progressing programs and a year later throw you're feet in the water to test what investors are prepared to pay for a new listing overseas in key markets.

There are other benefits aswell as risks for investors but I wouldn't be seeing it as a death bed they had key points laid out in their reasoning for delisting - I'd focus on the first two -


• the effect that the perceived low market capitalisation of the Company has on commercial opportunities including out-licencing transactions (which are a core element of the Company’s business);

• the disparity of sensitivity to positive announcements by the Company with the effect on the market price of the Company’s securities;




GL to all