how a us listing might work in terms of shares

A straight listing is hopefully one option for holders. To understand what is involved, here is the process by which Unilife (UNS - ASX code) listed in the US in terms of the changeover of shares.

Warning - there are a bunch of assumption here.

In summary:

- A US entity was created and then a proposed merger between the two companies (Aust and US entities) was announced.
- Effectively a reverse split took place. Initially holders were offered a 1 for 12 reverse split (when the SP was 0.69c on the ASX) in order to comply with minimum Nasdaq listing requirements of $4 per share, but in the lead up to the US listing announcement, the SP strengthened in anticipation (doubled) and so ultimately a 1:6 reverse split took place. The price averaged $6-7 over the first few months.
- The stock is (dual) listed on both Nasdaq and ASX


Here is the Unilife explanatory pre-Nasdaq listing announcement:

http://www.unilife.com/index.php?option=com_content&task=view&id=524&Itemid=76

In the few years since listing, the UNIS (Nasdaq code) SP has slid (on Nasdaq) down to around the $4 (there is yet to be any sales) and this is why my feeling about BTA listing on Nasdaq was that we needed a number of key drivers in order to keep the market interested - we definitely have these now.

So if BTA were to announce a straight Nasdaq listing, look for analogies with the above, except where the UNIS price slid in the few years since listing - in BTA's case, in contrast, there will be many drivers that will lead to multiple re-ratings.

So perhaps, first we will see an initial SP increase upon announcement of Nasdaq listing - look for minimum SP double in the lead-up to the split and listing. Currently, Biota is sitting around the $1 mark. If a Nasdaq listing is to be announced within the next 8 weeks, we may see the price head towards $2 and assuming a 1:6 split, a list price of around $US12 followed by an initial rally upon listing as funds jump on board.

The big assumption here, apart from a US listing, is the reverse split of 1:6. Apart from this, it is all very possible and we have at least one real-life local example to follow (I know there are others).