EMA, page-15

Guido, both the agenda and the minutes will not reveal a final decision. The best we will ever know prior to a company announcement is that an opinion has been adopted. That opinion could be for or against but the documents will not reveal either way.

What we know today is that an opinion is not yet before the committee. That means more time will pass and some shareholders, in for the quick result, would rather pull out and buy elsewhere with the prospect of buying back in the lead up to the next meeting etc.

For those happy to stay the sell-off presents an opportunity to buy at prices lower than before the inevitable rise in a month's time.

I think approval is inevitable. There is no information available to the contrary. It is just a matter of the approval process playing itself out. When you look at the meeting docs going back over the previous year it is clear that TIS is being treated just like every other applicant (bar the initial refusal to deal properly with the application).