Ladies and Gents, the BNO depth screen this morning is begging for someone to clean out the sellers at 33.5c in order to get the share re-rating under way. It will be interesting to see if there is an interested party out there who realises that after that line is gone, there is not a lot of stock on offer.
The shares have languished for 3-4 months and the smart money has been accumulating.
eventually the "weak hands" will have departed the register and the marginal buyer will simply need to pay up for volume.
I suspect we may be close to that point.
I hear that Deborah Rathjen's investor relations presentations in Sydney went well.
The company seems to be on track for one or more "milestone payments" from the Merck Pain and Congnition partnership programmes.
The recent BNC 105 news seems to indicate that this drug is "ready to licence".
BNC 210 and BNC 101 are going well but more clinical data needed to attract partners.
Overall, what is not to like.
No real news on the CVC matter but there is an impression that the Board refresh is progressing well and there may be some news over the next 4-6 weeks - my guess on timing.
Lets see what the markets do with BNO today in the light of heavy selling in offshore markets.
Have a good one!
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