they may as well have placed the company in a trading halt - 8500 shares traded yesterday!
And I suspect that will be the case until the CTO is explained or lifted. Unlike other companies with ongoing business and other reasons to continue to trade, in this little guy the CTO now completely overshadows any notion of market transparency.
and given the BOTA past has held nasty rather than nice surprises, people are sitting on their hands.
Friday 22 May 2015
scenario to pass the time
someone had their eye on BOTA's cash.
then the Anaconda deal came along. Very generous deal to buy a French company trialling a topical treatment in Argentina. Yep, Argentina. Either genuine (silly) deal, or deliberate attempt to flush out suitor.
either way, new suitor in waiting doesn't want 8 million in cash gone and a bunch of new shares on the register.
new holder/suitor moves before Anaconda deal settles
trashes deal
company forcing suitors hand
executives and board get a few shares first
shareholders get a confidential treatment order, which is not much different to what we've been getting anyhow
...or not.
then the Anaconda deal came along. Very generous deal to buy a French company trialling a topical treatment in Argentina. Yep, Argentina. Either genuine (silly) deal, or deliberate attempt to flush out suitor.
either way, new suitor in waiting doesn't want 8 million in cash gone and a bunch of new shares on the register.
new holder/suitor moves before Anaconda deal settles
trashes deal
company forcing suitors hand
executives and board get a few shares first
shareholders get a confidential treatment order, which is not much different to what we've been getting anyhow
...or not.
Thursday 21 May 2015
Confidential Treatment Order
filed today.
no idea but hopefully pointing the way to M&A.
possibly a major/substantial shareholder selling to an acquirer, and company witholding release of that change in ownership. There are only 2 current holders in that major category that requires an announcement, I think.
or could be just more smoke and mirrors. The drop in shareprice would seem at odds with a positive view of the situation.
there are long time limits on these orders
let's see
no idea but hopefully pointing the way to M&A.
possibly a major/substantial shareholder selling to an acquirer, and company witholding release of that change in ownership. There are only 2 current holders in that major category that requires an announcement, I think.
or could be just more smoke and mirrors. The drop in shareprice would seem at odds with a positive view of the situation.
there are long time limits on these orders
let's see
Friday 15 May 2015
shareholder moves for last quarter
can be found here
http://whalewisdom.com/stock/bota : just make sure you nominate the 31/3 quarter
Sellers were Baker Bros, FMR, BVF, JP Morgan, Goldman Sachs, Venbio
Buyers included krensavage, ra and senzar topping up their initial purchases.
Broadfin and Clay (East Hill) were unchanged. There is a wider gap between these top 2 holders and the rest, I think.
What does it mean? I guess some of the bigger players who were in and are now out might have a more persistently negative bias toward the company in its future pursuits.
East Hill confound me. They have lost so much money on this company, and share that experience with all long holders. They must be easily placated. Broadfin have the capacity to become activist, but I wonder if they would here without a bigger stake.
The newer smaller entrants this past quarter might argue that the cash backing protects them from further falls from this current very low market cap, as does the small but steady royalty flow. Some truth there, except that groups they would expect to sell to in the future (see sellers above) may have had their fingers burnt.
Some avian flu around in US poultry, keeping the subject in the news.
http://whalewisdom.com/stock/bota : just make sure you nominate the 31/3 quarter
Sellers were Baker Bros, FMR, BVF, JP Morgan, Goldman Sachs, Venbio
Buyers included krensavage, ra and senzar topping up their initial purchases.
Broadfin and Clay (East Hill) were unchanged. There is a wider gap between these top 2 holders and the rest, I think.
What does it mean? I guess some of the bigger players who were in and are now out might have a more persistently negative bias toward the company in its future pursuits.
East Hill confound me. They have lost so much money on this company, and share that experience with all long holders. They must be easily placated. Broadfin have the capacity to become activist, but I wonder if they would here without a bigger stake.
The newer smaller entrants this past quarter might argue that the cash backing protects them from further falls from this current very low market cap, as does the small but steady royalty flow. Some truth there, except that groups they would expect to sell to in the future (see sellers above) may have had their fingers burnt.
Some avian flu around in US poultry, keeping the subject in the news.
Thursday 7 May 2015
Third quarter presentation
A brief summary would be: we're planning and starting several small Ph 1 and 2 trials over the next couple of years and hopefully distract you all from spending around 12 million (annualised) on salaries, general and admin expenses, legals etc.
Which would be great if the market attributed any value to the pipeline, but as you all can see, it doesn't. That might change, but only if and when they are successful. So, the market is heavily discounting this pipeline: it's virtually worthless at present.
Not a single word on LANI in the conference call.
The results release tells us they have not yet completed their brief to the FDA and therefore no request for, or date to, meet with them is yet scheduled.
And nothing on partnering that compound.
LANI is their only current asset worth anything and it appears it won't be in clinical trials this winter.
They are still appealing the USPTO decision on relenza, without explanation. It has been rejected several times, and presumably we are incurring some costs to assist our loyal friends at GSK.
Which would be great if the market attributed any value to the pipeline, but as you all can see, it doesn't. That might change, but only if and when they are successful. So, the market is heavily discounting this pipeline: it's virtually worthless at present.
Not a single word on LANI in the conference call.
The results release tells us they have not yet completed their brief to the FDA and therefore no request for, or date to, meet with them is yet scheduled.
And nothing on partnering that compound.
LANI is their only current asset worth anything and it appears it won't be in clinical trials this winter.
They are still appealing the USPTO decision on relenza, without explanation. It has been rejected several times, and presumably we are incurring some costs to assist our loyal friends at GSK.
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