On 30 June 2005, the company had 136,551,431 shares on issue....

On 30 June 2005, the company had 136,551,431 shares on issue. Since 30 June 2005, the royalties from Relenza total about $179.2M.

Since PC has told shareholders that Biota can do nothing for the sales of Relenza, then, if the Biota had stopped doing any other work and just sit there receiving the royalties from Relenza, the share price per unit would be 179.2/136.6 = $1.31, which is much higher than it is now.


So, since PC joined BTA as CEO after 30 June 2005, what wealth has PC created for shareholders?


Just my thoughts.