serious discussion? - anyone?

G'day,

I've sort of been keeping an eye on this one, even though I don't hold.

Yes, it is getting hammered hard by the market. Is this really justified? Has anyone tried to put some serious valuation on it?

If I understand it correctly, the rights issue is for 1 share and 1 (2.40 ex) option for each 11 shares held. This would be a problem at the moment as the current price doesnt make that look at all attractive. I presume that they need the $20m to be raised in this way - what is going to happen if they don't get it? I guess maybe they will find a saviour to pick up the entitlements not taken. Did I see that Dr Melrose is sub-underwriting this personally?

It is very scary to me when a company rushes out an announcement that says nothing new, simply in an attempt to support the price.

Hmmm... need to go back and examine the real underlying business potential here. Though it is starting to seem that unfortunately management is a problem at the moment.