30 June cash balance $60.2m.GSK settlement in Oct $20mEnd Sept...

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.