As much as the HY Briefing is focused on July-Dec 2020, if Management can demonstrate $4M+ revenue from January, then that should steady the ship and shows the annual revenue forecast of $56M is mostly on track. Revenue was $10.7M for the December quarter, which wasn't a full quarter of Adheris.
There is a question on what Swinnerton will do with the remainder of his holding. Escrow is lifted April 1 2021.
Regal grabbed 10M @33c last year.
If the rest is up for sale:
is Regal the only party who has been offered his shares
if not, is Regal selling down/out to punish Management/MDR
has MDR forewarned a sale price (is it higher than 33c)
does Regal want this sale price to be lower
if Regal is the frontrunner, it seems they're happy to sacrifice shares on market which is at retail volumes in order to pick up the institutional volume
I predict we'll see a repeat of last year, sell down announcement in April, share price pushed up in April/May, so for the patient, it's excellent buying at these levels. We just have to suffer for another 5-6 weeks.
If Management want to put to bed this assumption in the Briefing that would be good to. Just tell the market Swinnerton has no intention to sell out at this time.
MDR Price at posting:
36.0¢ Sentiment: Buy Disclosure: Held
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