Good to see you’re still with us , fx2452.
My thinking about STADA being the suitor is for them to basically take the reins in terms of funding MED Phase 3 Part 2 by taking out FUM (close relationship already established through TPR). This might cheese a few LTHs off but I can see a few of the major shareholders (including the directors) taking what’s on offer. I can’t see one of the potential partners being happy to take MED on board after Part 1 but before Part 2 as MED is still incomplete. I don’t think STADA would ultimately commercialise MED. just sell it/FUM on.
My take on stealth stake building ………… I can’t see a reputable institutional investor trying to get round the 3% disclosure laws by splitting their holdings, but having said that it does appear that there is strong interest which is more than offsetting Lombard’s offload. Lombard’s selling is huge for such an illiquid small cap so none of this makes sense to me, I’m bamboozled on this one. Maybe “several” interested big players? To get to 3% notification they’d have to acquire over 6 million shares so I suppose we might nearly be there in terms of notification?
Finally re the exclusivity re negotiations. Absolutely not! I remember digging out an example of an arrangement where a big player had paid a couple of million for exclusivity only to ditch the talks after a few months ………… all the fee was used for was to pay the company running costs during the talks - time was lost and no doubt other interested parties walked away so I don’t agree with the idea.