My question : did noise confuse the real depth of feeling across...

My question : did noise confuse the real depth of feeling across the stakeholder base?



Biota quits birthplace and moves to Nasdaq big time

Date: October 24 2012


Madeleine Heffernan Biotechnology
BIOTA, the drug development company founded in Melbourne and famous for its flu vaccine Relenza, has got its US merger and will delist from the ASX.

But the scientific founder of the company, Peter Colman, was among retail shareholders raging against the merger with Nabi Biopharmaceuticals at yesterday's extraordinary meeting.

Dr Colman told the board: ''Thirty years ago, I made a discovery about influenza viruses that led me to think we might be able to make a drug that would work against all strains of the virus.

''And on that belief and on that dream, Biota was founded. Founded here in Melbourne, and not in the US. You won't be surprised that I'm sad at the thought of Biota leaving these shores and I think that's what will happen.''

Other matters criticised included the board's refusal to stay on the ASX in addition to the Nasdaq, the slump in Biota's share price since the merger was announced in April, and the halving of Nabi's cash contribution to $27 million.

It all came to nought: 82 per cent of shareholders (92 per cent of shares) approved the merger.

As chairman James Fox said: ''You've got to remember there are thousands of shareholders, not three or four, so noise can sometimes confuse the real depth of feeling across the stakeholder base.

''One person shouting doesn't mean there's an audience cheering for you.''

Questioned on how he felt about the fiery meeting, departing managing director and chief executive Peter Cook likened it to giving his daughter away at her wedding.

''It wasn't like the end of the world, but it was significant,'' Mr Cook said.

He said Biota shareholders, like the parent giving away the bride, ''have a little bit of a difficulty when to go play in the big sandpit. You actually need to move on; where you were raised is not necessarily where you spend the rest of your life.''

Pending court approvals, Biota will stop trading on the ASX on October 30 and start trading on the Nasdaq on November 9.

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