Rathjen's last week, page-2

Well Baseman, its the end of a very sorry era as far as I am concerned - and that era should have ended quite some time back. 

It is amazing to count the number of times that the outgoing CEO came back to the market for more money - and the market coughed up.

I wonder just how much BNO paid the brokers to "recommend" the investment to their clients?

I suppose that is why corporate advisers all drive new Porsche's and Merc's.

In hindsight, it would seem that the only clear focus that the outgoing CEO had was retaining tenure and ensuring US industry pay scales for the executives.

The REM consultants and the Board should be held accountable for failure to supervise, and call the CEO to account.

The clinical programs were hyped and the commercial outcomes were of very little benefit to shareholders.

Milestones? WHat are they???

Royalties? What are they???

We know that the only people who did well out of BNO were its employees - but especially No 1 employee.

The dream of creating a world class drug discovery company based in Australia was a figment of my imagination.

Having it removed was slow and painful.

I worry for shareholders going forward as I do not have much confidence in the residual asset base and I think that the company's net cash position is much less than everyone seems to think.

Funnily enough, there does not seem to have been an acknowledgement of failings by the Board.

All things considered I have been surprised to see the share price leap from 10c to 13c - all on the basis of a clinical trial for a drug that the company has been trying to flog for 5 years.

Next time the shares spike, you know what to do.

GLTA