What happens next?

Lets suppose that the BNO Board and Spencer Stuart (the international director search group) come up with some good names to go on the Board. Now lets's imagine for a few minutes that the CVC guys actually quite like these names (but can't actually say in public that the mooted new directors would be acceptable to them).

Let's then suppose that the CVC guys also realise that if Paul Xiradis from Ausbil, Hugh McNally from private Portfolio Managers and Bianca Ogden from Platinum Asset Management (among others) all disagree with them - then they (CVC) will most likely lose the mooted vote to remove directors.

What do you think they would do? Would they press ahead and face humiliation - or will they grudgingly agree not to persist with the EGM and allow the company to get on with the job?

Common sense might even prevail - the EGM would get pulled - and the Board would get some fresh blood.

Perhaps one of the incumbent Board members has to be "sacrificed" - but that would be very disappointing. If that happened - and the market sensed that the drama was over - then buyers would likely reassess the company's value and re-rate it back to where it was before this whole fiasco started - 40-50c perhaps.

Under those circumstances, everyone (including myself) who has been soaking up the cheap stock in recent weeks will be grinning from ear to ear.

If the CVC guys press on with the EGM and crank up the agro, they may either end up humiliated or they may get their resolutions passed and then they would have to produce a dramatically higher share price pretty damn fast or face a very angry AGM later in the year.

Unless there is fresh operational news or there is a mutually acceptable resolution of the Board issue, the stock will likely remain fragile.

Lets hope common sense prevails and this unwanted disruption blows over with some fresh blood on the Board and a strong relief rally in the share price ahead of some positive clinical or commercial news.

Get them while they're cheap because the drama will end sooner or later.................and because BNO has a lot of value not reflected in the current share price if you believe the Shaw or Roth or Bell Potter valuations.