Just seeking clarification.Under the funding agreement USD$170...

Just seeking clarification.

Under the funding agreement USD$170 mil (AUD $250 mil) has been received. The payout is capped at 4 times. That is AUD $1 billion. With 500 million shares approx. That is $2 per share.

I expect Carlyle is ranked higher than shareholders therefore in the (highly theoretical) event of a takeover at $2 per share ordinary shareholders would get nothing. A takeover at 2 billion or $4 per share would see shareholders get $2 per share and 1 billion going to Carlyle.

Opthea states that the funding is non dilutive to shareholders. They need cash to run their trial. I am not smart enough to know if this is a good deal or not, but I think it is probably a better deal for Carlyle than me. Regardless, Opthea is facing a near binary event with the results of the 2 trials. Excellent results will see everyone happy. Poor results will see everyone sad and equivocal results (if there is such a thing in P3 trial) may allow Carlyle to escape but shareholders will not be afforded such an opportunity.