I found Pilcher’s comments on capital management, extracted below verbatim from his presentation, to be particularly informative (from 32:10 time point).
“No point paying dividends at the moment, we don’t have franking credits until we pay tax. We’re not going to pay tax for a while yet, uh, so certainly not going to pay dividends in the short term. Share buybacks, you know, we are contemplating capital needs the whole time”.
“But as I’ve said to you all before, you know, we have a lot of information coming together in this half, including two more clinical trial results, the discussion with the FDA, you know, talking to potential partners. So that’s going to determine our capital needs”.
Obviously it is the partnership decisions that will determine how capital needs to be managed.
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(20min delay)