The RCE game plan is to be acquired when there is positive trials data. The suitor is most likely in Germany hence the listing there.
Probably already have an informal deal in place. Cubist Pharmaceuticals was acquired by Merck for US $9.5B in 2014 with US $1M revenue which would equate to about AUD $15B with inflation at 3% pa.
Pre-revenue RCE with positive trials data may probably be worth $2B or $11.50 SP.
G. Melrose has approx. 38.4M shares x $11.50 = $441.6M & J. Graham has 6M shares x $11.50 = $69M & M. Dilizia has 3.5M shares = $40.25M.
They may even accept less as it will still be heaps of money. They have their get out 5 year retirement plan.
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