It is all conjecture at this stage.I will 'conject' that...

It is all conjecture at this stage.

I will 'conject' that management are aware that to achieve anything like fair potential value they will likely need at least one successful P3 trial (to results stage at a minimum).

Further, that is not their preferred option, due to extended time frame and (smallish admittedly) risk, but may be necessary to achieve adequate reward for the years of effort and where it may finish up.

I will stick to my opinion that a pre P3 takeover bid of $50 or over would be accepted should it occur. I realise that it is early days yet, but the way trading has begun today, does not build confidence in that direction - bit same old, same old.