Ann: Change in substantial holding, page-166

I agree with you that a TO will achieve maximum price with more data. I just find the nefarious predator scenario that would lead to a sub-optimal takeover highly unlikely.

The downside for shareholders with staying ‘under the radar’ is IMO the share price remains undervalued which means that any capital raises between now and then would likely cause unnecessary dilution, and any shareholders who might want to manage risk and sell down are not getting fair value. As you said, as a director you need to look after the interests of all shareholders.

Anyway, I’m distracting you from the important work of finishing those announcements for next week. Well done on the Melanoma study announcement.