arrowhead valuation report, page-24

Hi Mozart,

"You'd have to think that if Arrowhead believe their own research they'd be buying in themselves"

I don't know if Arrowhead have shown they are really up to producing an accurate analysis. The latest gaffe I've seen is the upper end fair value of AUD 25.21 per share. In the valuation table on page 16 the upper end fair value is AUD 19.92 per share. Why the difference? No idea.

BRM's business case is strong. We don't need undergraduate analysis & numbers to make a highly impressive case. The only real worry is that we paid Arrowhead to produce the report!