Forum Archive Index - December 2002

["G Stolwyk" <stolwyk@wave.co.nz>]

PTD's Fighting Fund- Projected Cash holdings on 31 May, 2003.

Please refer to Ozestock PTD post 22072 where in item 1, I projected cash @ $12.13 mill.on 30 Sept. 2002; this with the proviso that I didn't know the value of a milestone payment made and had to omit that.

It now appears that it was about $3 mill. This then gives a total of $15.13 mill. However, the Announcement gives a very satisfactory $ $14.48 mill. (I am glad that the two numbers are close!).

(Errata: Item 1: $25.28 to read $ 25.28 mill.; also, "130 June 2002" to read "Sept. 30, 2002).

# # # Item 2.4 of that post gives cash holdings on 31 May 2003 as $0 mill. Because of the extra cash as discussed, this is to read **$2.25 mill.** (It is envisaged that the royalties matter with J&J will be over sometime in April 2003).

This excludes a projected $1.5 mill. dispute cost still owing.

Abbot's HUMIRA (D2E7) drug will be approved by the FDA in Jan-March 2003. On first shipment, a milestone payment is due to PTD. If in time, it would increase cash resources.

Presumably, Domantis wants PTD's last payments in April 2003. Should there be a feeling that the dispute would last longer, then the Animal Division, value $35 mill. may have to be sold, unless a small loan can be obtained or shares be issued. Hopefully, it won't come to that.

That is my opinion,

Gerry Stolwyk