Miso You forgot to add that the legal advice that was the basis...

Miso

You forgot to add that the legal advice that was the basis for the withdrawal of litigation could have been obtained anytime from commencement of proceedings in 2004, including during the 2006 offer. They have certainly mismanaged their relenza asset, but if they had pocketed 100 million two years ago, none of us would be complaining. The rejection of the settlement offer is as bad a board decision as I have ever seen. The amount rejected was nearly equal to the current capitalisation.

Lets summarise:

They went into America, and withdrew, costing about 15 million.
They went into legal action and withdrew, costing 30 million.
They were offered 100 million and rejected it, costing 100 million.
They started a buyback at levels 100% higher than the current share price, and withdrew.

And of course, the problem is that they have more good assets to ruin. The board are bad tenants in a really nice house.

Miso, you will have the opportunity to make your point in more effective ways than this chat site.

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