because they have increased their holdings to almost 10%, and because they have an activist style. The threat of open warfare was probably averted: they got 2 board members and a CFO.
Broadfin probably got their extra shares from Baker Bros, who have
sold out of BOTA (at a major loss). So have RA, but I think Krensavage picked up their
shares. So, some rationalisation at the upper end of the register to
balance the disparate small (Aussie) end.
I notice Mr. Plumb had a significant vote registered against him for re-election in the AGM, and I need to presume he is holding out to control the large cashbox that is BOTA.
Maybe Broadfin will find out what is happening with the LANI ROW rights for us. Or why the company wants to raise $25 million more at any price.
The only value in BOTA is the cash and the LANI rights.
I think that at this point we probably have to put our faith in Broadfin, rather than the management and its aligned board, to represent shareholder interests. This might mean more activism, if the new board members and executive are isolated.
The main problem I see is that many major healthcare institutional funds have exited BOTA's register. They are unlikely to rejoin the company any time soon, especially if the majority of the current management and Board are mostly intact, so it's hard to see where the share price increase will come from.
The only solution to that problem is to sell the company. And that needs to happen before the cash is drained.
