rights issue, page-2

yes, the timing is very poor. Since the merger talks had ended, there was a sense of potential turnaround with the sp reaching the 13c, its best effort over the last 4 months. Finally, we had left this 6-8c range and could hope for better things to come.

Now, with this RI, it will be back to square one. The sp will dive back to this 6-8c range, and may stay there for a while - or until the first Phase III results are released.

In fact, even the release of these results may not have a dramatic impact, hopefully it will make their search for the ideal partner easier.

And on top of that, with the sp diving as it will, they may get disappointed with the end of result - despite the significant discount (between 30 and 40%, based on the last 5 days.

Very poor timing, very disappointing. I guess they didn't have the choice.