focus on the real issues

There is too much hand-wringing and confusion of facts on this Board today.

A few simple propositions:

1) Put yourself into the shoes of a NABI shareholder and you will realise that there is no way they would have approved the deal as previously configured. They own shares in a cash box, and believe that they could have that cash returned to them if the merger does not happen. All they know about the value of BTA is that it is trading at around 70 cents. The way the merger terms work, they were being asked to swap around US85 cents for shares with a value of around A70 cents. You wouldn't take that deal if you were in their shoes.

2) In light of the above - the merger was not going to be approved without a change in terms. Given the trading price of BTA, the shift in terms is ostensibly fair.

3) It is not "costing BTA $27 million" to get a NASDAQ listing. Yes - $27 million of shares are being issued at a price that - today - would be around 69 cents. That is not ideal, but if you would be OK with seeing the shares issued at a price that was 30% higher (for example), then it is effectively costing BTA $8.1 million to get the listing . . . . .+ the advisory costs associated with the deal & the employee bonuses etc etc. . .. . .