That didn't take long: Hunter Hall have sold down a substantial part of their Biota holding.
They are down to 2 million shares or just on 7% of the company.
My very rough reckoning says that they took substantial loss on those shares.
However, it's still difficult to know what it means. In the face of a (announced) significant redemption on their funds they have been sellers of several stocks. Nevertheless, it was a big sell down.
Other issues:
What does it mean for their board representation: 7% is now hardly a key holding.
Who bought their stock? We won;t know unless it becomes a substantial holding although it looks like anything over 1% is reported in the US.
The CEO is coming to Australia. That's pleasing and he should be welcomed.
Many of us have been to these local presentations in the past. They shared very little and hardly engaged shareholders. And if we looked at the content we'd discover just how little of those presentations have subsequently resulted in anything positive for the company.
Still, nothing worse than a near empty seminar room. You can understand the message that sends to the executive team.
If you can't make it, let me know your question and I'll raise it.
And if you have time, we may get together afterwards to acquaint ourselves over a coffee nearby.
Glad I inadvertently came across this site. Am (just) another small-time Aussie shareholder who has suffered the slings and arrows of outrageous fortune at the hands of piss-poor management of this company.
ReplyDeleteHope to get to the Sydney show, but my list of questions (in addition to some you have raised in this blog), include the following - (I note them here as it is possible with your detailed knowledge that you already know the answer to some - and I don't wish to waste Russell's valuable time on matters already documented):
Question 1
What is status of Phase II LANI trials? How many patients enrolled (out of 636 total)? When forecast to complete?
Question 2
Phase III costs – are these 100% covered by BARDA? No exceptions?
Question 3
Forecast to be cash flow neutral end FY2014 – approx. $60-$65m cash on hand. What are forecasts for FY2015?
Question 4
When US influenza NI stockpiles expire (forecast end 2014), what expectations does board have that LANI will be ready/available/approved to meet any demand? If not, what are expectations for Relenza?
Question 5
Following the company’s strategic review and “revised corporate strategy”, you advised that there would be a reduction in the Company's workforce to reduce the number of its employees and contractors by approximately 30% over the next several quarters. "The reduction will be concentrated on research and development functions dedicated to drug discovery, but other areas of the organization, including general and administrative positions, will be affected."
You further stated “As a result, the Company anticipates recording a charge of approximately $2.0 million in the fourth quarter of its 2013 fiscal year (the Company's fiscal year-end is June 30) related to the cost of one-time termination benefits. The Company expects an annual reduction in salaries and benefits of approximately $3.8 million on an ongoing basis.”
Can you give an indication of actuals vs these forecast numbers for the fiscal year to June 30?
In the March 10Q filing – what are the $3.8m accrued severance obligations? What will this figure be for the full-year to June 30? And total?
Question 6
Do you believe the merger with NABI has been a success for the company and its shareholders? How do you justify your response?
Question 7
What progress has been made in FY2013 regarding licensing of LANI in ROW? Is there a time-frame for completion of this activity?
Question 8
The patent for Relenza commences expiration in some countries as early as next year. What is the financial impact for FY2014? And FY2015?
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Have added your blog to my favourites listing, so will check in from time-to-time.
May I add my voice to others who have (no doubt) raised theirs to say thanks for the effort you are putting in.
Regards,
Steve