Benitec Biopharma Ltd (BNTC)

[bellweather1]

Platform(BTEBY vs BNIKF)Investing Note...

Hey guys(gals?), Although I understand why Benitec established the ADR(to provide another vehicle for US investment long term, and, to get over the $5 limit faster),

due to the extra expenses associated with ADRs, I've avoided this one, and if you've checked out both volume in it(barring today), but more importantly, relative 5 to 1 value,it seems to me(as I expected), that the BNIKF variety has held it's value better than BTEBY.

After all, BTEBY is just a repackaging of 5 BNIKF shares, so there is a carrying cost for that, and the shareholders pay it in the form of annual fees, and sales fees.

In addition, I think the bottom line is, when/if Benitec hits it big, and the stock goes to another exchange(e.g. the Nasdaq), the transfer fee, if any, will be the same for both the BTEBY and BNIKF variants, so obvious question is, why pay the extra freight in the time being?

That's why I think a lot of investors familiar with ADRS, despite what has been said on this board(& despite what the company has been saying)have not transitioned to the ADR, which is why it's relative value is generally lower.

E.G.(today-notice the relative bid prices ->.661 vs 3.260->indicates value of BNIKF is (5x .661)=3.305, vs 3.260 .

So, and this is, of course, just my opinion, BNIKF appears to be the better value->which why I'm holding it exclusively.

Best regards,

bw