Great point re iTrack Advance, I do agree that management would be able to reference those acquisitions as reasons for turning down any offers. Considering that those deals have been worth around $700m - $1b AUD, a potential bidder would have to make a pretty hefty offer to turn any heads. There's also the fact that it has only just been approved, so I'd say bidders may wait to see how much traction it gains in the MIGS market first
We will have to wait and see for the AlphaRet segment, even though it is a separate entity, I can't see how a potential bidder ignores the fact that the market is valuing it so low (as its valuation should be embedded within the valuation of EYE as a whole). I would say they get around this through contingent payments which are paid out when certain milestones are hit (ie small upfront payment to kickstart clinical trials and contingent payments when targets are met). IMO this is the best way regardless as it maximises the equity we get to retain in AlphaRet and still gives 2RT the valuation it deserves (resulting in an overall rerate for EYE). Obviously it means we only get paid out fully if 2RT is successful, but I've always been very confident in this device so I'm not too worried about that.
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