options for directors, page-22

The contrary posts often teach me the most. They sometimes cause you to change how you think about things and recognise if the critical appraisal you started out with has somehow turned into barracking.

Other times, the more rigorous examination it forces on you leaves you feeling more convinced.

Both good results.

If your investing hypothesis with PRR is that CVac will get suitable funding and it will be commercialised, then it doesn't really matter much what you pay for them, the terms of the necessary funding, or how many options the company gives its directors.

It then becomes natural not pay much attention to other things along the way which may actually turn out to be of some significance - even if that is only how many shares you end up with for your money - provided events do actually end up conforming with your hypothesis.

PRR are not put in a "position of great strength" because of the Fortrend facility. It is certainly good they have it, but what it basically gives them is the opportunity to seek funding on terms that must now be at least better than those of that last resort.

Of course, great excitement may accompany a solid funding announcement, especially from the US - even a marginal one, because funding they must have.

News of the NID application itself should certainly trigger a dramatic bit of trading action. I'm sure holders and watchers alike are looking forward to it with great anticipation.