FX the short answer is yes. In the practices I am associated with we see off market transactions every month. The only thing that I can see that is unusual here is that this transaction is reportable because of the status of the acquirer.
Why do you suggest this is dodgy practise FX? Further what makes you think there is currently an embargo on directors trading on market, as the name of the suitor fund is now in the public domain? I'm not saying there isn't such a restriction on directors trading, however I note that the major detail that couldn't be disclosed to us at the August roadshow is now in the public domain. Accodingly, unless our execs are likely to conclude a more favourable deal than has been foreshadowed, what's preventing directors buying on market? Further if there is no significant current factor that is not disclosed to the market, how can there be insider trading? FX I'm not trying to bait you or to cause offence but rather to have a reasonable fact based (i.e. based on what's in the public domain) discussion.
Despite the emotive talk of "cancer" in a recent post, you seem to have accepted that positive changes have been made in relation to governance at NSP e.g. first tier Auditor and new independent Chair. Therefore isn't it in the interests of all shareholders to be a bit more moderate and precise in the use of language in this new operating environment? FX I suspect your view of the company and its leaders has been influenced by the very substantial losses you have reported taking and what you see as spin over those years whilst the share price has been declining and corporate goals have not been met. On the other hand I see that same preparedness in the past to adapt and move to "plan B" as a sign of determined perseverance.
Your thesis (if I am reading you correctly) seems to be that some of the recently departed directors have milked the company by virtue of the level of their remuneration. Whilst I haven't made a study of that remuneration, it seems to me that a world rewnowned expert like Dr Hari Nair could command in the open market at least two or three times what he has received from NuSep. I have posted before my impressions of the man and that I believe he is genuinely motivated more by the potential outcomes for medicine in the developing world rather than a fast buck.
FX I'm not sure what your professional background is. I'll disclose part of my history that may be relevant to our varying viewpoints. I was a memeber of a small syndicate that in 1980s imported new technology and expertise into this country and established a boutique manufacturing plant with a new product line in an existing industry. My syndicate lost money doing so, but then we saw the syndicate's business (and rebadged product line) continue profitably for 24 years in other hands........ after a receiver's fire sale! We had substantial equity and we weren't losing money but the lenders wanted additional security we weren't prepared to give.
This whole episode was a valuable lesson to me in the pitfalls of dealing with banks and fund managers (perhaps the lessons learned were actually worth the funds lost). Speaking with that background disclosed, I wonder whether when investing along the way you may have underestimated the difficulty for any bio medical stock to bring commercial product to market? It seems to me that there can be no doubt we are closer now than when I first invested in 2008 and if you examine my critical posts over the years I think much of what I wanted to see delivered is occurring and we are now moving to a more mature compamy nicely positioned for the next phase once the Singapore deal is concluded. Of course I may still be looking through rose coloured glasses but I think the indicators are there....DYOR
Regards,
MEM Price at posting:
6.8¢ Sentiment: LT Buy Disclosure: Held
(20min delay)
