Ann: Release of Scheme Booklet , page-2

I've had a quick scan. Nothing massive sticking out.

A couple of things kinda stood out.

1. LANI ROW split 50:50 with DS. Then later in risks section it says they might not agree on 50:50. I assume this could involve the issue of who owns the BARDA money. Being a glass half empty kinda guy, I'm assuming worst case scenario of 50:50 until proven wrong.

2. The Independant valuation guys say the scheme is not fair to Biota shareholders based on "Change of Control" guidelines. They go on to say its fair on a "capital raising" basis, which I kinda agree with. This is nothing more than a money grab transaction.

3. The Independant valuation guys say given we have $50m, there wasn't a pressing need for a big cap raise of $50M. I disagree with this. The quick and the dead in the US of big A. $100M is only 2 years funding need.

Nothing sexy in here so I can understand Lakey's mood. However for the biota tragics, this is part of the journey to hell oops I mean nirvana.