Yes, I agree. I made a similar point on the other SPL thread...

Yes, I agree. I made a similar point on the other SPL thread yesterday. But you never know where you are with SPL, that's the issue I have - such opaque communication and so many mixed signals. I wish they would just deliver on what they say. I realise that big pharma is a cut-throat business, and it seems games are being played behind the scenes, so they can't update us on everything, and they seem to be in the dark on a lot of things themselves. I'm just tired of the delays, communication vacuum, misinformation and finger pointing "it's out of our hands" BS. The BOD seem a little naive to me and determined to learn the hard way - but we are the ones who pay the price while they collect their salaries and other remuneration regardless of timelines and whether they succeed or fail. Perhaps I could be more forgiving if they hadn't behaved so petulantly at the AGM when Shareholders requested explanations for their consistent failure to fulfil their own promises and stick to their own time-frames. The only thing they seem to have taken from that is to not communicate anything at all - even their "investor relations" is a sham.

A case in point. SPL now has a margin cap of about $390m, and sliding. A predator could pick SPL off for $700m at a hefty premium to SPL's VWAP. MQG have a PT of $2, which seems reasonable valuation. JF likes to band around figures like "$2.4b" for one application of DEP, or a global market size of "$1.7b" for BV - and this is a fraction of SPL's potential. So $700m would be a bargain if we believe her, and yet nobody appears to be even sniffing. Either the science is not as good as she touts, or other Pharmas are not so naive to believe that SPL will ever deliver those kind of returns in a cut-throat industry.

Caveat - I want SPL to succeed, I want them to fulfil their potential, and I don't want to see them sold for a song. I just don't know if I believe a word they say about anything anymore. Still waiting patiently, and hoping they will assuage my doubts.

Anyway, enough from me, I don't want to rehash all that again.