good solid management, page-4

Part of me agrees with the strategy that BTA Managment is adopting - in that if you cannot obtain a deal from big pharma for your pipeline with terms which are acceptable to you then look for other options - which appears to be moving to the US. However the concern I have is that if the move comes about by merging BTA with a US based company then the benifit to me as a shareholder is entirley dependant on the deal they make - ie if they merge both companies shares at their current realative share prices then I would argue that anything below $1.50 (which I assume would be the case) for BTA would see me selling my BTA shares into the new company at a discount to their value. Now if the company we merge with is also trading at a discount then that may even it out. So the execution of this deal should make or break the BTA board and Mgt - time will tell. Regardless in the current financial enviroment I would not underestimate the time and difficulty involved in finalising such a deal - this may drag on a bit longer than many would like.

If it does take longer then we may see some recovery in the SP which may benifit us in a merger?