I was going to leave it but ... The PIO reality is PIO have...

I was going to leave it but ...

The PIO reality is

PIO have given up 70% for a handful of loose change when we could have kept 100% whilst NOVO etc do the heavy lifting around us. Was PIO about to loose the ground ?

We already had a full seat at the table. Now we will get the crumbs if any off the table.

What others have done by selling is not relevant to the PIO decision

"An absolute gift" Yes but to NOVO. NOVO's deal making team are clearly way to sharp for the Australian players.

The "big prize" maybe we just gave that away to chase an even less defined prize.

At end of the day PIO had no reason to do this sub optimal deal NOW unless they are concerned there will not be enough cash from Sinclair.

Be interesting see how long NOVO hold the 50,000,000 shares. Bailing them down to say 1 cent only increases the cost of the deal to about 1.1 mill cheap for what they have acquired.