I'm surprised that no one else has commented on the reason for this placement when it does not look like GTG need the money.
Do you think Mervyn is a good MD?
He is taking another step to legitimise the company: to demonstrate that this company is not just owned by people out to make a fast buck, but by pension funds and institutions who look after normal peoples money.
This is in the same vein as providing cut price genetic testing for Australians, giving the licences for a nominal fee to Unis and listing in the US, so that gtg can fight US companies in court as a part US company itself.
It is good PR, and selling at about market price (and in fact the options at $1) demonstrates that they will have medium term commitment
GTG Price at posting:
0.0¢ Sentiment: Hold Disclosure: Held
