Port,Quote: “I think management have performed well, but do they...

Port,
Quote: “I think management have performed well, but do they deserve bonuses for an under performing share price?”

Let us discuss this objectively. Why do you think Peter Cook have performed well? What did he achieve for shareholders?

The following are Peter Cook’s achievements:

1) He refused the $100m GSK offer, and after burning $30 m in legal costs sold out for $20m. He is dishonest to the core by informing shareholders that IF NOT for the law suit launched by Peter Molloy, BTA would have made a profit for 2008/09 thinking the $100m GSK offer will remain a secret. He then collected 450,600 free options against shareholders wishes and announced it to the ASX on 18 Dec 09 thinking shareholders were too busy celebrating Xmas to notice.

2) Relenza royalties is BTA’s single most important income. Despite GSK broadcasting the Relenza sale results live and accurately, Peter Cook misled the ASX by reporting wrong sale figures. After a week, when correcting his mistake, he blamed GSK for revising the sale figures.

3) Peter Cook is praising GSK for the increase in Relenza sales thinking shareholders will not know how pathethic GSK is performing with:

- Tamiflu sales of Aud 1.1m for the 6 months to June 09 compare to $584.5m for Relenza.
For details Refer to http://www.hotcopper.com.au/post_single.asp?fid=1&tid=999950&msgid=5579911

- Roche recapturing 90% of the antiviral market because Quote <”Relenza is not widely available” and in Peter Cook’s own words on 19 Aug 09 Quote: ..GSK has indicated that its order book for Relenza was strong and limited only by available capacity..”

- Roche increasing production capacity to 400 million dozes p.a ACHIEVED last month compare to GSK planned 190 million by 1 Jan 2010 which Peter Cook stated Quote: assume will be achieved.

4) In his enthusiasm to talk down the company, Peter Cook misled the market with his idiotic, false, misleading and deceptive statements and in my opinion exposed the company to possible class action. For details read this post:
http://www.hotcopper.com.au/post_single.asp?fid=1&tid=982315&msgid=5471260

5) Peter Cook claimed success for LANI Phase 3 success. The fact is LANI and the Daichi Sankyo partnership was launched under Peter Molloy. Since the idiot joined BTA, he had not started any trial or development with LANI in other markets.

6) Peter would like shareholders to believe many milestones have been achieved for drugs under development. The truth is REVEALED on page 46 of the annual report:
Quote: Item 5: REVENUE (from continuing operations) Milestone Revenue $ZERO (2009) $3.419m (2008). On page 47 item 7: R&D Expenses increased from $10.287m to $13.348m. Put simply Peter Cook increased R&D expenses by 30% and dropped milestone payment by 100%.

7) Did I hear Peter Cook taking the honour for the cancelling of the AstraZeneca RSV program?

Port, please share with us why you think management had done well?