First time listening to the call. Thanks for posting.
This to me reiterates what a number of posters have shared previously. The company needed money to accelerate Covid testing approvals and commercialisation. A cap raise was probably considered, however a cash injection and aligning themselves with a mega pharma Co like Pfizer is impossible to beat. That seems to have come with the stipulation of alowing them a low ball crack at the entire company first with the full public backing of the board. The board probably saw this as the best possible option to get this thing moving and are taking the risk (yeah, our risk and expense) but I'm confident that they are confident this joke of an offer will be shut down by us. The worst case for them is the offer is accepted and they all get hooked up by Pfizer anyway. We are the ones that lose, but more importantly (to them) the company still has a good shot of making a massive impact. Ideally, we knock back the offer (as we should), the company has a $3m injection and validation from a global pharma beast and we fast track to global approvals and commercialisation through this partnership.
Tony is basically reading from a script (to avoid any backlash from Pfizer) he sticks to the 'premium' rhetoric and doesn't divert into anything else. If he truly believed and wanted to sell the proposal he would be giving us a lot more than that. Any idiot knows it's a premium, but the world has only found out there is a company that can accurately diagnose covid 19 and differentiate from many other respiratory illnesses using only a smart phone and that also has the validation and sort after by Pfizer. What's that worth once regulatory approvals are in place and commercialisation begins. A hell of a lot more!
My guess is Pfizer has been looking under the hood since Dec and waiting for covid study results but discussions have been back and forth in the interim. Resapp wanted partnership and cash but to get that, the big Pharma wanted a cheap crack at it.
Interested to see the wording in the proposal booklet but, I'd be surprised if they try and sell it anymore than the bare minimum they are required too. Ie the premium rate. Tony even mentions its the share holders who will have the last say. I get the feeling he is banking on us (or possibly knows from previous discussions with large investors what their min sell price may be)
Either way... VOTE NO!!!!
