PAR. SP, page-988

Been very very critical of management and specifically PR since the last raise. I still think it was disgusting that they used the ‘forward looking statements’ caveat under which to directly lie to people about the proximity of non-dilutive funds one day, and announce a dilutive CR the next. When you throw in the context of him claiming swathes of bonus shares for his performance at the same time it was a nauseating showcase of selfishness and disrespect for holders. He’ll never be able to shake that off in my eyes, and I believe that, regardless of his formational role in this now-public company, Paradigms remaining chances of success are despite him, not due to him. I dodged that last CR entirely, as I wrote here at the time. I was angry and took no part in it. However, i’ve always wanted to take my average (around $1) down, and I started that today at 23c. I think that despite everything, there is a good chance that the FDA green light the Phase III 2x2 and if they do, an $80m market cap seems too low for this company. I already have enough sunk in this for it to be material to me if the company crashes and burns (which is absolutely possible) but frankly this is a stake, a gamble, just like almost everything at this spec level. A new CR without a deal, or significant delay from the FDA and we are into a whole new level of hurt, but AU$80m for what this could, potentially, be sounds like it’s worth starting to average in again and bring my own average buy price down. I’m of course massively concerned by the fact that they have never been able to monetise the exclusive supply of this drug for ANY of their indications, for any amount of money to anyone at all. I note PR telling Alan Kohler in plain language that their prospective partner is waiting for FDA green light just as PAR are, but frankly I do not believe him, and I don’t think anyone should. It’s just a gamble that even a stopped clock is eventually right, and the companys market value must eventually give someone the urge to roll the dice on PAR and it’s exclusive supply of this candidate drug. I haven’t gone in heavy, i’ll average in from here and very cognisant that it could drop significantly, but things are coming to a crux for this company one way or another. In for a penny, in for a pound.