30 June cash balance $60.2m.
GSK settlement in Oct $20m
End Sept cash balance $55m
Expenses (other than “normal”)actually paid in1Q:
HRV (say) $3.0m + Litigation: $7.5m + $4.9m buy back
Thus to estimate other “normal cash burn” = $9.8m ($60.2+$20-$55- $3-$7.5) for 3 months from 1 Jul to 30 Sep or $3.3m/month.
To estimate cash balance to 31 Jan 09:
THEREFORE estimated cash balance:
Balance at end of October: $55m
Add/ Cash inflow: Astra $4.2m; Relenza; $1.9m
LESS/
Expenses
HRV trial: =$12m from 1 Oct to 31 Jan
Ave normal cash burn from above Sept, Oct, Nov, Dec & Jan = 5 x $3.3m = $16.5M
Other expenses in last the last 3 month announcements:
1 Additional fat cat directors (unknown costs)
Increased executive remunerations (unknown costs)
Shares buyback by stealth (unknown costs)
Therefore: $55m + $4.2m + $1.9m - $12m - $16.5 m = $32.5m less unknown costs.
Number of BTA shares on issue: 174,563,999
Estimated cash backing on 31 Jan 09 = 18.6 cents per share
This is BEFORE UNKNOWN costs above and DILUTION by the shares options showered on BTA executives.
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