The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
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A real lesson learned......
They could have easily raised money. I do not believe that bull, I know it's a tough market for raising money but a popular Bio at 3.5p could still have say went to the market and raised say £3 million at 1p, other stocks are raising money and yes some at big discounts but still they push them through. I bet this is where management get the juicy bits for nothing and we end up with feck all. I will be amazed if they return any cash.
...probably not then after today's RNS.
Https://www.terrapinn.com/congress/advanced-therapies/speakers.stm
Evening grizzlyb
just popped in this evening, after a number of years, and whilst not surprised at all re the suspension i sincerely hope you haven't lost any money here
i remember well our discussions of old
bw for the future
and anyone else still here after all these years
jees at one point exosomes were only the icing on the cake
mol
Much appreciated!
I have added this link for info purposes.
https://companieshouse.blog.gov.uk/2019/02/27/what-does-going-into-administration-mean/
Usually eight weeks from the appointment of the administrator, so we're looking at around the end of March.
Does anyone know the timeline for the company being wound up?
RENE tried to raise funds last year and failed. The writing was on the wall then, if people chose not to see it then more fool them
I never understand why companies do not do a public fundraising where people can subscribe for stock at say 1.5p and see how much gets raised. I mean when HE1 raised at 0.2p everybody said game over diluted to oblivion but a short while later it 18 bags to 3.6p high. They might get £5-10 mil, so it's diluted but it gives them a chance, other stocks do not give a monkeys about doing this especially Vast who no matter how low continue to raise and dilute.
I'm sceptical this might be a fiddle when they do it this way and then flog whatever technology to management or "mates" who then disappear for a short while then refloat under a different name.
That is unnecessarily harsh. People did read the RNS. And some decided it was worth the risk to remain and see if they could get a raise or some other finance arrangement in place.
We were led to believe that they had something of value. That was clearly misleading, as evidenced by the lights out.
As I said the other day, if it were otherwise, then the BOD would have put forward a proposition to shareholders that included significant inside participation. Which, IMO, they would have got it away. I would have supported it, with the right conditions, for example.
As to the other poster's comment about the trades: no idea. It would be good to know. Especially if it was any of the RENE staff. But I guess we never will. GLA.
During thelast AGM there was a resolution giving authority to the management to dilute the stock up to 20% for a capital raise (direct/indirect), if needed.
What I don't understand is this; exactly one month ago before the last RNS 11m shares were 'traded', mainly off market. That's about 20% of the stock, with not one TR-1 form published. Okay, some retail shareholders bought or sold at the same time, but the large trades remain a mystery to me. Could they be linked to a short or some other off market financial instrument? Views anyone?
Whilst I agree there are some rogue companies/BODs on AIM, that is not the case with RENE. There was no manipulation here. They threw out a final hail mary to get the product commercialised but couldn't gain any interest. The precarious nature of the company was laid out VERY CLEARLY in black and white in the RNS. If people are too stupid to read or understand it, then there really shouldn't be investing in the stock market.
This is why I consider the AIM market uninvestable now. There's too much manipulation and no penalties/repercussions for BODs.
Looks like a lot of people can't read RNS. I did warn people but others thought better. It was spelt out in black and white and yet some people still can't see the wood from the trees
Exactly, they've been at it for years and have failed miserably. All those alleged value inflection points and value-generating data and sod all to show for it.
Well, if they really had that much confidence in the pipeline, they could have opted for share payment only and agreed to participate heavily in any small raise to keep the lights on for a few more months, for example.
I reckon such an approach would have gained shareholder support, because the sums involved would have been extremely trivial and their actions would have given confidence in it being a commercially wise decision to take.
Not like they did not already have plenty of time to deliver anyway.
The was a statement in the annual review to say cash could run out in February '24 if anticipated inflows did not materialise. They need £7 million just to keep afloat for 12 months, I can't imagine any single partner having the confidence to contribute that much to a business valued at £2 million .
Using these chat boards for financial advice would be foolish.
They can provide some useful information and a wide variety of bull and bear scenarios/ideas, but ultimately, one's gains or losses are down to the success or failure of the BOD in question.
All too often you see a BOD (especially on AIM) mislead investors/potential investors. Almost always without consequences for them. Fiduciary duty and other legal obligations that apply to Directors are rarely enforced IMO.
Take this one: We were led to believe that the cash runway was beyond early February. Then we find out otherwise with a mid-afternoon RNS.
Disgraceful - but there will be no investigation or consequences for this (would be delighted for it to be otherwise).
Pointing the finger of blame anywhere else misses the bigger picture. GLA.
Absolutely, it's why these boards can be very dangerous....I already held this dog before I joined LSE but have to admit some of the postings on certain other small bios on here have no doubt conned some poor people into losing money they couldn't afford.
Over many years ‘optimists’, often implying they had deep insight or an inside track to the board room have for what ever reason portrayed an erroneous picture. Hopefully not too many took notice of their posts. But like all long term retail stockholders I take no pleasure in the fact that at every turn they got it wrong! C’est la vie.
Balerno, incorrect on both accounts. It IS NOT in administration , yet. re read the RNS. Also there is no talk of pre pack admin - that is normally when say a company has a new vehicle lined up to buy the company for a nominal amount. No talk of that. Why did you post that?
I've gone right off Pharma/Bio's just wish I had sold the lot in Agl above 35p recently instead of a %.
I wonder if the mm's knew but if they did they would have spiked it to encourage more buying.
I'll write it off then hope for a % back if they lay off all staff and get any price for parts.
So it’s been placed into administration. It’s not a liquidation so there may be a prepack or the components will be sold off. There is a factory plus the IP. Watch this space for redundancy announcements. Given the precarious nature of the finances then these are the options where the vultures can get cheap pickings. Hope we get the forms from the administrators soon.