This is what I was saying before Kogarahboy about the difficulty...

This is what I was saying before Kogarahboy about the difficulty of valuing the business. One thing I disagree with is the P/E ratio you are using for the regenerative division. You use a multiple of 20 although I think when the market grasps the concept that it's not CardioCel they're valuing on future earnings but the ADAPT tissue treatment process (and the different patches which it can create) that multiple will be more like 50-60. I'm not saying that's the multiple I'd use just the multiple I think the market would use. Another thing is we'll end up owning closer to 65% of Admedus Vaccines rather than the 50% you used.

Will we see the Phase I results next week? The trading today was very strange.