Like the Pilgrims, Biota left a hostile land for the promise of the better life on distant shores. Like them, we've found hardship, and wonder if we did the right thing.
It's fair enough for hedgers to think that 2 million shares crossing in a company with only 28 million of them might mean something might happen. Like the first accumulation in a takeover bid. They have bid up the SP after the fact and we all get a little pleasant sunburst of optimism through the grey sky. Sigh.
Don't get me wrong - I have no inside knowledge. Maybe they do. But if past performance means anything, all that's happened is that we've seen Hunter Hall lighten their BOTA load again. Only they and East Hill have that kind of block to trade. And no-one ever knows what East Hill are thinking. East Hill paid way, way above these prices for their BOTA shares. Maybe they want to take Prolysis' gyrase back, and continue to play baby biotech among the spires of Oxford, and sold out of BOTA to fund it?
Nah, too Tom Clancy.
If shaking out the HH and East Hill stakes helps liquidity without dilution, I'm all for it.
Damian Lismore's year is up and he's moved onto Nexvet.
And if Hunter did sell those 2 million, I think last drinks might be called for Mr. Hill's time on the Board.
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