Hi @Paddy0I’m curious about your ‘retain 1 share for future SPP’...

Hi @Paddy0

I’m curious about your ‘retain 1 share for future SPP’ approach. Not faulting it at all, fair play to you for having a plan and sticking to it. But something about it doesn’t stack up to me so hopefully you can explain (if you feel like it).

As has been noted in the thread already, at the start of CY21 there was $11.4m cash in the bank. Even you take a conservative view of this cash runaway you’re looking at RSH being funded until well towards the end of the year. With FDA approval finally in the bag and the execution of UK rollout, unless we receive some disappointing Aussie sales figures, it appears to me the SP is unlikely to drift much lower than present and more likely back up towards the $0.20 mark. From my view, previous tests of $0.13 and thereabouts were likely due to concerns about delayed FDA approval, which should have now been put to bed. Any uncertainty about the pricing model as also been allayed.

Additionally, it wasn’t that long ago that the CR at $0.20 was undertaken, so I have a hard time believing that MM would go back to market at a *lower* CR price now that FDA has the tick and the company is many months further down their signposted runway.

With all of that in mind, even if there is another CR, it seems unlikely to me this would be below the $0.20 mark. Which makes yesterday’s close of $0.16 a 20% discount - probably a lot bigger discount that any SPP would provide anyway.

I understand you might be waiting for some Australian quarterly sales validation but if your strategy really is to wait for an attractive discounted re-entry in the future, why are you confident it will be lower than $0.16 today?

Genuine question - you clearly have a strategy so I’d value hearing your thoughts.

Cheers