+ +where is nal heading?+ +

I want to discuss some parameters which have led to the present price.

This from the Annual Report:

"IMMUNOLOGY.
1. Corporate:
During the year, we established a separate subsidiary to hold the group’s Immunology Project, which we see as key to maximising its value. We plan to separately list this company – Norwood Immunology (NIM) – on the AIM exchange in London in the early part of 2004".

"Prior to our planned AIM flotation, we expect to raise additional private capital for NIM by way of a private placement, which will be launched after we are in a position to announce the completion of our ongoing negotiations regarding a licence with a US pharmaceutical partner".

"In respect to the planned listing of Norwood’s securities on the NASDAQ Exchange, the Company is working towards the establishment of an American Depositary Receipt (ADR) Programme, which it expects will be in place within the relatively near future".

"In this regard, I am very pleased to announce that
Bernie Romanin has agreed to take primary responsibility for all aspects of investor relations".
______________________________________

Comment:
We are waiting for a number of possible positive occurrences to unfold:
1. The deal with the US Pharma will be finalized. Share price: Could be very positive; part of it already factored into the share price.

2. Listing of the Immunology Project (NIM) on the London AIM board- I would expect that to go very well coming as it does after a possible Agreement with the US Pharma. NAL to keep most of the NIM shares. Result: Possible increase in the NAL share price again.

3. Listing of NAL on the Nasdaq.
NAL wil own most of NIM, a fact not lost on the US investor. It will list as an ADR and hence wil be immediately on the US radar. Possible result? Another rise in the NAL share price.
(NB: it is possible that the registration at the Nasdaq may be earlier).

So summing up, there are three compelling reasons why there is interest in NAL.
There are more:

The fact that the leading Cancer Institutes of the world are impressed and will be doing a trial in 2004, won't be lost on the US investor either.

NAL is very well connected and the subject: "how to grow a thymus and make patients live longer" would be very, very attractive to the Media.

NAL is in a commanding position at this stage; if it continues to deliver, then we shall see the Share price behaving like the NRT share price: Many shares will be going to the US (Nasdaq) and slowly but surely, the NAL price will gravitate to the higher value of US prices prevailing over there.

Gerry
Circumstances may change. Please do your own research and you decide if and when to buy, hold or sell any stocks.

Info about NAL:
http://www.hotcopper.com.au/post_thread.asp?fid=1&tid=54603#137077