>Why undervalued? With $100M cash the market is valuing >Relenza...

>Why undervalued? With $100M cash the market is valuing >Relenza and LANI and HRV and the rest at $85M. That's >laughable and at the same time concerning, the market is >normally this stupid for so long, so I'm left wondering why.

I think there is only value in the cash if it is coming back to shareholders. The company has indicated intention for further purchases to fill out their development line, and it has added 2 more gaps to that line this year. Despite the CEO's statements I suspect they were surprised by how low the last royalties were, maybe they do not have enough extra cash to pay back to shareholders after purchases?

The Lani deal has been delayed now a few times, what if it is not so good as people expect? Expectation is it will be leveraged more to milestone payments than up front, so income will be more spread out. This will leave more time to buy when there is more clarity.

So it is hard to put a 'value' on the company just adding the sum of its parts and potential parts. When there is more clarity I would be in again, maybe paying 10-20% more, but it has already dropped by more than twice that.

There are also a lot of companies in many sectors that are at least as undervalued compared with their assets. I suspect it is all because cash and assets are being valued at their actual returns to shareholder.

On the contrary side, it could also be that BTA were waiting for the actual payment to arrive before they announce how it will be distributed... If that happens to immediately reward you patient holders, good for you, you deserve it for your long suffering!

Meanwhile I watch closely