I think BTEBY opened at $US5.80. The last trade was about...

I think BTEBY opened at $US5.80. The last trade was about $US3.08. Now, only one year after announcing the 1 ADR:5 Ordinary Shares status, the company announces a 1:20 ratio. While this seems like it is part of the preparation for a US IPO I cannot say that it inspires me. What additional value is going to make up for the issuing of the new shares such that the same slide in the share price as last time does not happen again? Unless management has an ace up its sleeve, I think this IPO could a flop. I really, really hope this is not the case but, where the non-technical side of the business is concerned, I have my reservations about their ability to add value to the company. I think all we can do is cross our fingers and toes and hope that all goes well. I would be relieved if the IPO is fully underwritten as this would indicate some support, but, if it is not, then I think Benitec will have to announce something spectacular to bring in new investors.
I can see the dice being rolled but I cannot see how they land.