mmm .041! announcement maybe?, page-2

incredible dream agm.... I've just been to an AGM that was like a dream come true.......OBJs isn't until 25th Nov but the reason I'm posting here is that this unlisted company we are invested in was also at the same Pain Conference that OBJ attended & may remind everyone that this could also be on the cards for OBJ......sorry about the long story but hopefully find it interesting & eventually relevant.....

We attended a seminar in an unlisted Biotech company 4 years ago which needed money to progress its research into curing autoimmune diseases like rheumatoid arthritis etc.....we felt sorry for the Doctors who looked worn out from 25 years of research & said they were on the verge of a new discovery (as they all say) - the CEO also had strong contacts with USA pharma companies & CSL was a Shareholder too so naive or not we decided to invest in it ....also the Labs were only 45 mins drive away so we could ring & check their progress as well .....our shares cost $1 at the time but then they raised money 2 years later at $2 & then in March this year at $3 - we tried to sell via an off market transfer but there were too many thinking the same thing....here was a company making over $1 million loss each month yet people were willing to pay $3 a share to get in? If they had been listed we would have sold of course & probably only taken 20c profit...

Anyway,I enquired again about 8 weeks ago & they said hang on to them & make sure you attend the AGM so we did.....well, there were only about 20 shareholders & 3 Board members but the Chairman could not keep the glee off his face - he made apologies that the CEO, Accountant, & 2 Scientists along with a Sydney Financial Broker & Contract Lawyer were in the USA.....they already had a few drug companies following their results but after the Pain Conference found that they are being pursued aggressively & fought over by several large USA Pharma giants....the CEO told us that the next lot of trials could cost up to or over $20 million & as we don't have the money & there is a $1.2 Million monthly cash burn they would gladly make a deal asap but also didn't intend to undersell the company & totally believed that the team would probably be able to negotiate a minimum of 2 BILLION for the 30 million shares on issue plus will also try for a royalty stream .....you should have seen the calculators come out........then there was this lady next to me who kept interrupting the CEO & saying how she didn't want us to be chewed up & spat out by a USA company & was going to refuse to sell her shares - he then explained how there is a very narrow window of opportunity & he thought that other companies had now cottoned on & were only 18 months behind so we had to move quickly - also said the Corporations laws stated the company had a duty to maximise Shareholder value & that they would exercise that right to do so & seeing he was over 60 he was definately wanting to take the money & run & hoping everyone could see the sense to do the same...

Just before we glided out on cloud 9 he said that it would take until early next year to have the proper 'term sheet' (?) through so wouldn't get any money until maybe Feb 06 - they haven't actually signed the deal yet so it may be really pie in the sky talk here & he'll have egg on his face but he seems obviously confident that they will get at least that figure.....hope it all doesn't fall over - we're trying not to count our chickens yet but have spoken to the company afterwards & some others who say it is really possible we are looking at maybe $66 a share for our original $1 shares - we have 30,000 of them & it seems unreal that we could possibly be given $1,980,000 for them (have I got it right... how is the tax on that...?)

Well, sorry guys the shares seem to be very tightly held on this one - you can't get any (I've been trying...) as the company said they have fully issued their total allowable entitlement......I don't want to divulge their name just yet but will at some time soon though some of you are quite diligent & will probably dig it up somehow....

Anyway, I'm definately anxious now to see what pans out & praying that the USA keeps propped up & doesn't fall over so the Pharma companies have money to buy.......

This story was for the OBJ followers to show you that you never know what may be around the corner after they said they had some big Pharmas circling & they were at the same Conference ......I also must rebuy OBJ as I sold them as the Annual Report said it would take 40 weeks (10 months) for this next trial to be completed & the CEO said don't get too eager yet as it all takes time but there was a bit of interest again today & makes you wonder now if maybe those Pharmas just can't wait & want to buy into the company on the cheap......good luck & may the OBJ AGM also have a nice surprise for you all....