Yes, because it was better for the company to offer convertible bonds to accelerate the pipeline. The effective interest rate of 2.375% with a 32% conversion premium to the share price are pretty good terms for raising 650m in one go. If AVR had a similar deal raising about 150m it would be amazing, but no one would buy bonds in a company like AVR. TLX being cash flow positive and profitable is a totally different scenario so can't be directly compared. It is clear that they felt the bond issue was in the interest of existing shareholders more than the NASDAQ listing and their share price is higher than it was the day they announced they pulled out of the listing.
My point is that there is a perception that NASDAQ investors will be willing to immediately value AVR higher than it is on the ASX market so the company can raise more funds with less dilution. I am just sceptical of this fact because the NASDAQ listing has been on the cards for so long, but nothing has eventuated. I hope they suprise me and work it out, but I have such little faith in their abilities.
Clinical trials, page-18
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