no one trusts or believes you peter, page-24

CPG,
I agree 100% with you that Orbital speaks volume about Peter Cook. At the time of his appointment in late Dec 2001/Jan 2002, the shares were trading at about $0.70 When the great Peter Cook left in September 2005, OEC shares were trading around $0.10

Peter Cook and his mate are treating BTA shareholders in the same manner. This is a quick summary of their performance:

Shareholders’ wealth fell 60% from the share price of $1.86 on 30 June 07 to $0.77 on 30 June 2008.

Profit fell 132% from $20.2 million in 2007 to a LOSS of $6.5 million.

Relenza sales fell 96% from $158M ($11.1M royalty) in the June 07 quarter to $6.2M sales ($0.4M royalty) in the June 08 quarter.

They turned down a $100M offer plus legal costs & then settled for $20M without costs. They then unashamedly said Peter Molloy started the action. They also stated the company would make a profit had it not been for the legal costs with no mention that they will make a bumper profit had they settled for $100M + costs.

CONTRAST SHAREHOLDERS’ WEALTH to this other tale of wealth creation:
The total board and senior executive remunerations increased by 37% from $2,524,465 at 30 June 2007 to $3,459,148 at 30 June 2008.

Peter Cook’s remuneration increased 38% from $602,805 to $833,005
Damian Lismore’s remuneration increased 43% from $366,327 to $525,357
Leigh Farrell’s remunerations increased 57% from $279,319 to $437,395

The total number of executive options increased from 578,721 at 30 June 07 to 2,153,418 at 30 June 2008. The 2,153,418 does not include options that expired in the year or options that were converted to free shares in Peter and his mates’ pockets.

Peter Cook informed shareholders that the last offer from GSK was in 2006 and the case was started by the previous CEO Peter Molloy before he joined.
Subsequent information came to light that GSK offered $100M in 2006 plus legal costs and as late as April 2007 offered to settle for $75M plus legal costs. It is plain stupidity to turn down these offers and then accept $20M without legal costs AND implied Peter Molloy was somehow responsible for settling at $20M

Peter Cook explained the poor June 08 quarterly Relenza sales as reflecting “the Northern hemisphere flu off-season”. Did global warming changed the Northern hemisphere weather in June 07 to something radically different in June 08? Stranger still, Relenza has close to Zero sales to the flu season market ever since GSK threw the “baby out with the bath water”.

Throw our Peter Cook before the share price get to $0.10