If QVT had a view to a sale in the near term why would they have funded via debt not equity?
Any trade take out would need to be at a premium to the market price (however small), and any capital raised via a placement would be at a discount.
So if they are looking to a trade sale, they have missed a trick. For what its worth, I dont think they are that daft and it is indeed a short term bridge funding. Time will indeed tell.
shareholder update +4c, page-71
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