focus on the real issues, page-6

yes, the real issues:

1. In exactly the same manner as the GSK settlement, BTA management have gone from hubris to panic, and sold shareholders down the river in the process. The acceptance of these terms and the massive discount of BTA is shameful.

2. The sp of BTA has been manipulated to its current level to extract the outcome we saw today, and the Dutch auction last month. The coincidences, and the apparent benefits for NABI players, are just impossible to ignore.

3. Hunter Hall should take a leaf from Mangrove's book. Mangrove have been strong advocates for value for every NABI holder, not just themselves. HH on the other hand have a board member, and they have been supportive of the strategy from the beginning. But, unlike Mangrove, only with their mouths, not their efforts and certainly not with their money. They are responsible for this to a large extent. By not countering Mangrove's play in the market (and Mangrove have definitely been at play) and keeping the SP high enough to entice NABI holders, they have been shown up for fools. I agree Mangrove has played this perfectly, even right up to today - keeping the BTA price just high enough to ensure the deal now proceeds but with the minimum allocation/maximum dilution to BTA. Well prepared, well conceived and well executed. Imagine, they had half the interest in NABI that HH have in BTA. East Hill? Who knows. They seem asleep at the wheel.

IF HH are so convinced of the strategy, any costs in supporting the SP now, should be recouped soon after the merger with the extra value achieved. And in the meantime they defend the value of their holding. But, no.

3. It's also the weak small and ignorant shareholders who carry some of the guilt . Sadly, we are in partnership with them . BTA's open registry has always allowed the company to get away with whatever it wants. Faced with 90% acceptances, they feel they had impunity to do whatever it took. Rather than feel any sense of responsibility for small holders, they treat them as morons.

4. I pay very very close attention to BTA. I had no hint 2 years ago that they were seeking a US listing back then.

5. NABI still get Board representation? For what?

6. They still cannot make a deal. No pharma deal for 5 years, no legal deal, and now no merger deal.

This is a raping and pillaging of the value of BTA. A surrender on humiliating terms to what was a smaller weaker counterparty. Even a supporter of the merger and NASDAQ listing must see what's happened here. Its clear that the CEO doesn't need a reputation to get another job after this one.