question for muzz , page-28

Autosime I think you are on the right track and G Delaney is correct. Ignoring sharemarket values, the deal is calculated with Nabi bringing US$54m cash for 26% of the new company. Therefore the whole company is worth US$207.7m and Biota's 74% is worth US$153.7m. At the current 1.04 exchange rate that equates to A$142.3m for Biota, or around 82.5 cents Australian. Biota is selling below the implied value for the 74% it brings to the deal and NABI is selling below the cash value it brings to the deal.