Ann: $100M Lasers & Ultrasound business sale to Lumibird Group, page-36

I agree that the new company minus lasers and ultrasounds becomes risky. IMO Itrack is a technically difficult procedure to perform and time consuming for surgeons compared to competing devices. 2RT, whilst still enormous in potential is difficult to market until another trial is performed and the technology proven (3-5 years away based on the LEAD - hopefully shorter if it is discontinued due to a strong effect proven early). At this stage a new trial has not yet been listed for recruitment in the ANZ trial register.

The 2019 letter to the editor in Ophthalmology is worth a read. Titled “Warning: Do Not Treat Intermediate AMD with Laser Therapy” Philip J. Rosenfeld, MD, PhD, et al - it can be found with a web search. Rosenfeld is a US opinion leader in retinal circles and Ophthalmology the leading journal.

It strikes me that this deal overall is undervaluing the lasers and ultrasounds. If the company holds back a significant proportion of the payment from shareholders, it locks investors into an investment that has gone from stable to somewhat speculative. I would personally like to see the entire amount paid out as a special dividend.