The current market value of SPL is about $61M, half of that is...

The current market value of SPL is about $61M, half of that is the cash in the bank.

So in theory a buyer could acquire SPL assets for less than 8c per share.

The price would, no doubt rise, a bit in the presence of a bid but it is hard to see that it could return to anything like a year ago.

Why hasn't a bid happened?

Any sort of serious takeover offer or licensing proposal would be subject to extensive and secret due diligence work, which can take months. The full clinical trial results, manufacturing issues, current supply and distribution contracts, approval status in the markets, sales history (Viet Nam and Hong Kong might be interesting). Questions would be asked about the US FDA submission and the TGA position in regard to Viraleze.

All this leads to an assessment on behalf of both buyer and seller if the expectations are similar then a deal is done. So why do we not have any deals?

Put simply the expectations of what the company and its products are worth in the mind of the board and management is not what the market or potential buyers think. Lulled into a fairyland by very high incomes, overseas travel, and benefits in a company which does not seem to know how to turn a buck.

All this has cost me about $200,000. It is a salutary lesson!