MBP 3.23% 3.0¢ metabolic pharmaceuticals limited

MBP: approximately 300,000,000 shares outstanding 20,750,000...

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    MBP: approximately 300,000,000 shares outstanding
    20,750,000 shares of PolyNovo

    XCD: approximately 100,000,000 shares outstanding
    8,818,750 shares of PolyNovo

    An investor needs to buy 14.46 shares of Metabolic to acquire one share of PolyNovo
    An investor needs to buy 11.34 shares of Xceed to acquire one share of PolyNovo

    Ignoring cash and other contributors to value, XCD ought to trade at about a 28% premium to Metabolic.

    BUT, if you ignore cash and other contributors to value, then you might as well assume that Metabolic ought to use some of their discounted cash to buy the nearly 30,000,000 additional shares of PolyNovo that they have options on, in which case the figures above change to:

    An investor would need to buy 5.95 shares of Metabolic to acquire one share of PolyNovo
    An investor would need to buy 11.34 shares of Xceed to acquire one share of PolyNovo,

    - and XCD ought to trade at about a 50% discount to MBP.

    MBP still looks like the best way to get into PolyNovo, but I continue to worry that there may be undue Xceed influence within the Metabolic board.

    Someone needs to explain the role of David Kenley to me in layman's terms.

 
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Currently unlisted public company.

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