Hey Daicos I’m aware of the previous announcement. My concern is the issuing of 83 mill shares for an unapproved drug + 8.75 mill US. My issue is what happens if it doesn’t get approved? Does Mithra have to hand back its shares or not? You might think I’m talking out of my proverbial but no-one has answered my question. Everyone has assumed that because it is at phase 2 or 3 trial that it’s a done deal but it’s not a done deal at all until it receives approval and that’s a fact. I believe Richards chose his words very carefully in regards to that previous announcement because I read it very carefully. If the OCP never gets approval then he’ll refer back to his original announcement and say he never gave any guarantees about anything I can guarantee you that much. I am fairly heavily invested in this so it’s a fair question to ask. I’m a nurse and nothing in the language that Richards used made me feel excited in the slightest. There are plenty of OCP’s out there on the market already. The market’s reaction today was a 6% downwards correction in the MYX share price, not exactly a ringing endorsement of the secured deal. Let’s hope today’s share price close doesn’t gain any further traction tomorrow but I wouldn’t bet on it! Just gives the shorts another chance to ratchet up the pressure. I suspect the AGM will be a potential yawn next week but I managed to swap a shift and I can guarantee you that I will be attending to survey the mood and the outlook. Tying up a deal like this before the AGM will provide a perfect distraction to some tough questions that should be asked. Too much hype in my mind for potential massive future earnings in multi billion dollar markets from unapproved drugs that may be approved at some point in the future but that doesn’t pay the interest bill on current borrowings. Only cold hard cash from cash inflows does that. If potential earnings forecast was to beat expectations by +15% it should be immediately released to the market so not expecting anything like that at all at the AGM. Happy to be proven wrong about everything above and if I get the chance to throw a curve ball at Richards then I fully intend to. Parting with share holders cash and equity effects everyone of us and the company’s bottom line. For the record, just like Charts I was involved in the SGH debacle and poor decision making by the CEO can lead every shareholder straight over a cliff as the CEO talks up the company and future earnings whilst leading it in to an embarrassing dismal failure if those profits don’t ever eventuate....
MYX Price at posting:
54.5¢ Sentiment: Hold Disclosure: Held
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