investor presentation out, page-5

Wow.

Potential monetisation of Fonda in the next 3-6 months sounds to me like an outright lump sum trade sale perhaps with an ongoing royalty kicker as exposure to upside. Capital presumably would then be returned to shareholders. Does what the IPO would have done but in reverse.

Potential partnership deal for HA-I in the next 3-6 months, given we are expecting end of Ph3 in 1H CY2014 perhaps would this is one way of reducing downside, i.e partner up before full results are known although limiting upside? Or there is an offer right now on the table? Very interesting given the inflection point comments made before.