WP made it clear at least twice recently there would be now more AHZ dollars going into the immune division where AHZ owns 75%. I draw attention to slide 32 of the webinar presentation earlier this month on the Immuno division, specifically the bullet points highlighted (bold):
*Review all external funding options *Prioritize the multiple portfolio opportunities *Review structural options *Continue developing program plans * Streamline development timelines / resource model
It's patently clear (to me) the AHZ board is working on divestment and has been for some time. The non-stellar HSV2 stage2 results make this a corporate priority. WP said the Immuno division is sufficiently funded for a small HPV trial. But that is it. A divestment or other corporate structural option needs to be completed well before funding runs out as AHZ is not going to make another contribution. Also, if I were AHZ's MD I would be looking to sail this ship before June 30 this year or at least flag the proposal, giving shareholders (and the company) the opportunity to consider the tax implications. WP also commented he's unhappy with the share price at these levels. Patersons already engaged an external party to run the rule over AHZ, publishing a house research report. Patersons modus operandi appears to research companies where there is an ongoing corporate relationship. Otherwise, why bother. Trading volumes show there's not enough brokerage in it, otherwise.
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