once approved, page-92

Interesting that the most plausible scenario - GG & SI having a 25% blocking vote Vs a SOA isn't mentioned.

I'd have thought keeping a 16-17% holding and keeping the wolves from the door (outside T/O offers from Big Pharma) via a SOA would be by far the most lucrative approach.

If I was GG - and adding in the on-market board purchases - I'd be looking to hold as big a share as I could, without trying to find the massive sums required in a take-over.

And the easiest way to do that is to hold a blocking stake and drive the SP to the absolute maximum post approval - in other words, if BP want to partner, they pay through the nose.

I initially thought GG was after a HTO but I'm firmly in the 'blocking vote' camp atm.