any reason for share price wilting?, page-16

It's quite simple. While we are entwined with the Immunotherapies division we are somewhat insulated from an opportunistic takeover from parties who with distribution networks, resources and customer bases would make a motza from the Adapt platform. In the right hands it would be worth multiples of our current market cap today.

So for many like me we don't want the Vax spun off (prematurely) so we can make a quick buck and hand over a valuable long term investment for someone else to reap the long term rewards.

The other aspect of this is that a premature splitting of the business will result in neither business being valued anywhere near what it's worth and the Immunotherapies division imparticular, would be severely undervalued. The intrinsic value in its platform would not be recognised at this early stage of its development.

Therefore, unlike many others who seem to know how to run a global company and are accountants to boot, I will let the management of AHZ (who are now credible performers with excellent track records) make the best decisions around the Vax, company structure, funding, partnering and ultimately to do what is best for shareholders. Not today, not tomorrow or not next week. When it is required and when it is needed for the company in their view as experts in their field.