Yes I agree Jamwolf. The more I think about it, the more I think...

Yes I agree Jamwolf. The more I think about it, the more I think the same. Cap raising is off the table given the SP, but there is latent value in the share. The only scenario I can think of to stay listed is a strategic placement at a decent premium? I'm new to the ADR story, so I assume there are things I don't understand as yet, but what I can't quite wrap my head around is AZ - paying million/s to ADR each year when they could almost have the whole thing for themselves. Why bother? Any reasonable offer will be very hard for the board to turn down given where the SP is at. 

If AZ wait for ADR to continue bleeding, they risk another party buying it instead or ADR engineering a turnaround. For a co of AZ's scale this would be pocket change.

And if AZ don't want it, ResMed's transaction should surely have set the radars off of every industry player in the market. US$225m vs $5m. What are we missing?

Next week the blackout period ends for ADR management (7 days post result), so we'll get a very clear view how they view the share price. If these guys get on in a big way I'll be right behind them.