Low blow, page-19

I agree with what you have written here DS.

It is almost getting to the Market Cap that I would consider re-buying. However, when asking myself what I am actually buying, the answer is Diasource and some technology that I strongly believe in but hasn't been able to be commercialized into material dollars. If I was going to buy back in I would have to consider say a 30% sale of Diasource together with 15% dilution as a minimum. Trying to be conservative that would mean if Diasource was worth $25M (probably worth $30M but might not get that price in times of need) and 15% extra shares the market cap would need to be around $15M before I would have any form of confidence that I wouldn't lose more money here.

I don't apply any value to mix and go because I cant be confident they will generate any significant revenue in the next 2 years and one third of the profit would be going to another party which means Anteo is back to cashflow negative.

I know it is unlikely they will sell 30% (who would buy an uncontrolling stake unless two parties bought 30% leave Anteo with 40% (or 33% if split 3 ways).

I think an even worse outcome would be they sell Diasource and start again because they it will take them even longer to try and commercialise the tech without manufacturing it themselves and the cost to set it up would be more than Diasource.

If they sell 66% of Diasource to 2 other parties (say Ellume or Atomo or cook) and keep Anteo as it is with long term manufacturing agreements set up beforehand and Anteo gets royalties on all products sold with M&G through Diasource then that would be the most ideal outcome. That would mean they still 100% own M&G I.P and have the platform to commercialise it and would be debt free with most likely enough cash to commercialise M&G through medical & energy.

I cant see Cook paying a big upfront. At the last AGM it was stated that a deal with them was likely years away and that was less than 12 months ago.