ASX Hot too!, page-433

Hi @Lopez,

re your Post #: 73629834

Agree entirely. Especially when you've had to work hard with your partners for 20-30 years to make that $billion in the first place.

That cap raise sticks in ET's craw. Wants to see the 'inexcusable' decision-making punished. I don't.

I feel it's important for MSB holders to remember 2 things in particular:

1. the FDA had not showed its hand in December 2024. Not in terms of deliberately moving past efficacy or in terms of satisfaction of its vague 'potency issue' that had IMO the potential to derail even contingent commercial disposal planning & left even short-term RYONCIL stock generation requirements up in the air, despite an excellent PLI result in May 2023. Thanks ever. so. much. FDA.

2. we still have no real idea where long-term partnership discussions were at the time of the CR in December 2024, or just what cold & hard suggested offers were swirling around, not quite coalesced or tabled. Or how much of a bite any posturing partner might want to take. Show me the generous Bigpharma corporation in the room (ha), & I might change my view about just how tough that process is likely to have been. Someone could have been jerking our chain about funding, waving the carrot & trying to screw us down on deal terms, while the Board was having to make a decision that satisfied its financiers about funded developments for 2024.

ET says, no excuse! He wouldn't have done that. OK, well that may be so, but - truth be told - ET probably wouldn't have lifted Mesoblast out of the slime & mud in the first place to where it is today, either.

I'm a little more sanguine.

I can definitely agree with ET about the non-renounceability aspect. I have no explanation for that in mind. Perhaps hasty documentation was the reason. But it does seem to favour instos & if they were consulted on a placement/ entitlement offer they'd support then they would have said 'yes, if you do it this way' and that might be a reasonable explanation (nb: not justification) of how it came about.

I'll add it to my list of questions for the AGM.

Cheers