good on any construction??, page-48

I agree with tony. The market does look fwd and thats why the SP is where it is. I daresay that the potential for a company demerger was factored in some time ago. (probably about the same time the SP tanked. Thats my conspiracy theory and I'm sticking to it!)

Neo,

Why the need to split? The answer is they needed the money RFN and couldn't wait until Fonda revenue kicked in. After listening to DR Tracey, to delay the commencement of Ph3 even further would not have been wise or fiscally prudent. Therefore to achieve quick funding in a tough capital market, ACL most likely had to agree on terms that heavily favored the insto's. i.e. the company demerger. The price you pay for being under time pressure.

So what to do? I believe that capital growth in ACL is unlikely now due to the absence of pipeline. It will deliver a good dividend in the short term but that revenue is finite. To gain value access to ACL onc. one will need to hold shares in ACL at the time of demerger, so another reason to hold ACL until then. ACL Onc will be a different story. Good pipeline = good future multiples. So there will be a time to get out of ACL but for me it wont be before the demerger. Exit timing from ACL will be critical. You wont want to left holding when the fonda revenues dry up. As for ACL onc, I want as much exposure as possible to the HYACT technology. How to achieve that is still open for consideration. Its been a winding road so far. MTR bought out by ACL, demerged to ACL onc. One day if I'm lucky I might get to see HYACT get to market.

This is my opinion only and READ THE DISCLAIMER!

Cheers,

I hold ACL