Ann: Trading Halt, page-253

Seriously?

30 Day VWAP: $1.55

7 Day VWAP: $1.775

Raise at $1.30 isn’t great but isn’t highway robbery.

There may be a valid reason as you said for the big discount, but what new investor in their right mind buy this stock with any confidence in the near term.??

The near term? Well, $105m at $8m per Q burn, I’d say cash wise the near term is pretty damn secure.

Perhaps if there were no catalysts before that money might run low, but in the near term we have the 008 interim and final results that could near triple the already insane levels of revenue this drug is capable of achieving.

I am a long term investor and my views have changed considerably after this raise.I do not want to be caught out in the next raise

You say you’re a long term investor, how are you being caught out? Pre revenue companies need cash, it’s just a fact of life, they’ve gone from circa 250m shares to 300m shares when fully diluted. As a long term investor what does that mean to you? Well, if using Baker and Young’s 3^rd year of sales estimates:

A raise now at $1.75 = 285m shares@PE 40 = $37.89

A raise now at $1.30 = 300m shares@PE 40 = $35.12

I don’t see how this can lead to this: I will now take up what I believe will be a miserable allocation and wait for a good time to get out.

This is no longer about the product that PAR is developing and I am convinced shareholders like us will be screwed in the end.

There’s only one class of share, every share you own has the same value as that of PR or an Insto, how you will be screwed in the end I don’t follow.