impact of dkr selling, page-4

american express, how is it going?

"Management wants the shareprice reached pre-IPO to approach the level expected from the valuation analysis to be released in the prospectus"

I remember being told as much at the AGM last year.

My question to you: The SP will presumably close the gap up to the listing level, based on figures in the prospectus (lets assume). So the prospectus may well contain 'known' figures from say 5 deals thus far. (i.e. those probably shown to QVT). So, I am keen to know your thoughts about our prospective IPO price given that it will be modelled on the 5 POs in the bucket.

I have a feeling you have posted on this previously, cant find it, sorry. Not asking for a thesis from you, maybe a short version mate.

Thanks.

Snapper.