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 - 3 m allowed above= $9m Ave normal cash burn from above Nov, Dec & Jan = 3 x $3.3m = $9.9M
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 - $9m - $9.9 m = $42.3m less unknown costs. Number of BTA shares on issue: 174,563,999 Estimated cash backing on 31 Jan 09 = 24.2 cents per share
This is BEFORE UNKNOWN costs above and DILUTION by the shares options showered on BTA executives.
BTA Price at posting:
43.0¢ Sentiment: Sell Disclosure: Not Held