Quote Originally Posted by Roger View Post
Pharmaxis announcement to the ASX was 2 hours 4 minutes before BRM's notice to the NZX and during that time this morning there was extremly heavy and unusal selling of BRM shares. Pharmaxis are their biggest holding by far and they appear to have been aggressivbly buying very recently. What are they doing taking such a large overweight position in a high risk medical research company ? Is this prudent investment ?

Further I find it highly unusual that Pharmaxis were on a trading halt yesterday pending this hugely material announcement but BRM did not see fit to inform warrant holders looking at excercising their warrants on the same day ? This can't be best practice. Very grumpy.
Roger, I understand your grumpiness but I think some of your criticisms of the managers are unreasonable. The selling of BRM earlier today was clearly by those BRM holders aware of the PXS announcement (I was one of them, I have alerts recorded against the sp of the larger BRM holdings and receive relevant announcements by email, so I waited for market opening to see the extent of the impact on the PXS sp and then reacted accordingly).

The BRM managers won't have been aware, prior to today, of whether the PXS announcement was going to be positive or negative (unless you take a much more jaundiced view of things than I do) and so won't have been in a position to make an informed announcement to the market re BRM warrant exercise. It's not clear to me that they should be obliged to report merely that one of their major holdings is in a trading halt - Presumably that announcement would encourage as many people to exercise as it deterred so I'm not sure the net result would have been much different.

As to the prudency or otherwise of BRM's investment in PXS - it's near certain there would have been no complaints had the investment paid off and the sp rocketed upwards.

There is good transparency/communication around the BRM holdings and the rationale for those investments - in the end responsibility for accepting or rejecting that particular risk/reward mix must lie with the BRM shareholder.

Discl. Sold out of BRM today, still hold BRMWB