Ann: Trading Halt, page-144

AIMHO and my guess is,

Given what we know of the company, its current position in the cycle, management track record, clinical progress, etc,

there's 29ish mill in the bank so unlikely to raise a small amount + Hervaxx producing very good results to date and finished P2 + need a partner as stated alluded by management to for P3 + surely have been in the thick of negotiating hervaxx deals + Management want the drug in patients in need,

So, either:

1. Maybe it's a negotiation tactic enabling management to hold up their ask and push BP offers closer by threatening to self-fund Hervaxx P3
2. Strategic acquisition (which would seem odd given the breadth already, and wouldn't you do this after you get $ from a hervaxx deal)
3. General strategic capital as defensive position to low ball offers (kind of point 1 anyway).

Also, unlikely to be able to raise capital if Hervaxx results were suddenly, inexplicably shite as no insto/partner would put $ in, and seems unlikely results would turn negative so sharply (given limits on rates of change etc).

A management greed play would tank the SP, and I think this is unlikely.

So my pick is 1.

We'll all find out soon enough.

GLTA.