Where to from here, page-2

The sale of Santalis is another option. Quintus probably can't afford the forthcoming phase-3 HPV trial without a cash injection, so a Santalis sale might be smart.

I would think that the cash from a Santalis sale would safely get Quintus through to their large harvest years without the need for any cap raises or plantation sales.

Although I agree that it is likely some or all of the put options will be exercised. If they're not exercised, I'm not sure any of the above measures will be necessary. And the put options do give QIN plantations at a roughly 50% discount to their book value. I agree that the current book values are doubtful, but are they over-valued by 50%?

It will be interesting to see if Frank Wilson exercises his put options when the time comes.