We have a midpoint valuation of $30.7m, or $0.053/share for Orion - this is based on a share structure diluted for shares to be issued for the acquisition of Prieska

Revenue continued to improve in the 1H16, up 50% on the pcp, as a result of the increased number of properties leased out over the period. As the Fund continues to increase the number of properties available for rent, revenue will continue to improve. While revenue was up, the Fund reported a $12.2m operating loss.

We have revised our target price for CDA up to $1.56 from $1.04 per share. This represents a 24.8% premium to the share price at 25 August 2016. We retain the 12.6x multiple to FY17 EPS to determine the target price.

We say ‘re-development’ because Bisantrene, a small molecule anthracene derivative, gained its first marketing approval 26 years ago. The drug originated back in the 1980s in a successful development programme overseen by the major US pharma company Lederle.

1st Available Ltd (ASX: 1ST) was founded in 2009 with a vision to build an online health services community through a platform that simplifies appointment bookings and interactions between health services providers and patients. Its flagship product, the 1st Available website (www.1stavailable.com.au) was launched in April 2012 with apps for customers to make bookings with healthcare providers 24 hours a day, 7 days a week.