"Quick, quick, quick! Allocate those Employee Share Options as...

"Quick, quick, quick! Allocate those Employee Share Options as soon as possible!"

"Why?"

"They will never get any cheaper! Since they were approved on 19th Dec, the ANP share price has been lower only for 10 days over Christmas, and it's going up now".

"Ok, I'll get on to it".

"It's getting a bit late - price has just risen from a five day VWAP of 16c last Tuesday to 18.5c as at Friday 18th March, and the 145% price is 27c. I don't want to pay a lot more when these are exercised. If you don't hurry, the base price could be 30c within four weeks and 43.5c for the 80% allocation, maybe much more...."

"Ok, ok..."

We note that the purpose of the ESOP is to reward employees with anticipated share price performance - clearly someone's expecting the price to go up very soon.

Appreciate the commentary re Sarepta's and ANP's expansion opportunities. SRP is in a tight spot and without a decent gain that an ANP partnership or takeover could provide, its corporate profile could be decimated and with it the future of their management and directors. So SRP doesn't have much choice.

But as has been mentioned here before, there are at least two or three other companies that should also have a keen desire to stake a significant place in antisense drug development. Their choice is to get in now - relatively cheaply, or come back later at huge cost - or perhaps to forsake the opportunity altogether. So despite the likely alignment of our Board to deal with SRP, another compelling bid can't be discounted. ANP has talked of fielding enquiries from more than one party.

Our recently endowed option-holders can now sleep a little more easily.