Ann: UCW: Investor Presentation - Takeover Offer for RedHill, page-13

As I said in my earlier post, I agree on a stand-alone basis (actually, I said I don't disagree... but I mean to say I agree).

To clarify my earlier post, let's consider a thought experiment. If RDH held $50m in net cash, instead of $21.5m; and UCW held $50m in net debt, instead of net cash of $4.5m. I'm saying we should adjust for the difference in net cash / debt positions, even if it is not in extreme situations like my thought experiment.