We have canvassed a number of thoughts in relation to the sale by Hockings of the large parcel of 'deep out of the money short dated options'. Why would a prudent investor be interested in the options and why would a director, looking to protect the strategic interests of the company, be interested in selling?
Its an interesting exercise to review the merits of the transaction through the perspective of the most recent Investor Presentation. Dot points from the presentation include;
• accelerate path to clinical development by global repositioning
• strategic relationships with selected pharma partners will enhance preclinical licensing/trade sale opportunities
Global repositioning doesn't signify changing the location of the lab from Perth to London. It could more clearly be understood, however, through the development of strategic relationships with selected pharma partners. The question is whether the option transaction plays into the global repositioning scenario!
PYC Price at posting:
1.5¢ Sentiment: Buy Disclosure: Held
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