"Just to set the record straight, my query to you concerning...

"Just to set the record straight, my query to you concerning whether you had ever spoken with MSB management was not related to your assumptions regarding cash burn, it was more to ascetain whether, as a person who seems interested in MSB, you had ever made any effort to hear their views on the direction and aims of their company. I think it is a reasonable question as every analyst I have ever worked with has always sat down with management in an endeavour to better understand that company before issuing an opinion, be it positive or negative. Companies these days are usually willing to field calls from interested investors, as you well know."

As a matter of fact, Councilgritter, I have made contact with MSB on two separate occasions during the course of 2014.

The IR person who responded to my questions was a very friendly - and smart - guy (Nick, I think was his name; I heard that he has since left MSB).

The trouble is that his responses to my numerous questions were mostly along the lines of "we haven't provided that information to the public; the best thing to do is to refer to our announcements and presentations to get an update."

What he did do very well is to firmly remind me what a promising future the company had and how positive everything was going. To the extent that one of the functions of an IR practitioner is to cast the company in a favourable light, that particular KPI he achieved with flying colours, to his credit.

Trouble is, I'm not after cheerleading when it comes to researching companies; overt bullishness I can get anywhere. I was after answers to what were probably some tough questions, but what I got was "check the preso's".

So it was a less-than-fruitful exercise for me, I have to say.

And that is largely similar to my experience with any company given today's compliance regime... they sure as heck aren't going to provide any unique insights to private investors like me shooting them e-mails out of the ether.


"You may be that failed GP from Otago yourself for all I know but to the best of my knowledge, I have never accused you of acting as a Maquarie agent...my reasons for my disdain for Dr Collie relate not to his calls on MSB, which have of course been correct, but for other reasons which I am not prepared to divulge on this forum."

If I am indeed the failed GP from Otage, it would have to be an almighty ruse I'm running here ... making time in my gruelling 60 or 70-hour working week working as a healthcare analyst for Macquarie Bank to not only post here on Mesoblast, but to also post cogently on such diverse companies as fuel distributors, labour broking businesses, mining service consultancy microcaps, IT small caps, and crane hire businesses, all for the purpose of creating a few red herrings, ostensibly.


As for the issue of the escrow-or-otherwise position on the stock issued to Celgene:

"And the source I refer to is a portfolio manager with a significant stake in MSB who was "on" the MSB conference call earlier this week. His strong understanding was that, although unstated, the shares issued to Celgene will be escrowed for a significant period of time."

I am sorry to inform you that your source's understanding - garnered, seemingly, simply on the basis that the contrary was not expressly stated - is wrong. Maybe its because he or she is an investor in MSB, that the resulting conclusion in the affirmative materialised.

My information is that there is no escrow arrangement on the stock. Given your observation that companies these days are willing to field calls from interested investors, this might be something you want to confirm with them.