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Well I bought another grands worth..
Can't see faron folding so once this matter is resolved we should rise back up
FARN were very well aware of the covenants that they have broken and they wouldn't walk into it unawares unless they are totally incompetent (which I doubt). So the big question is why they haven't raised money ahead of time as usual. If it were due to poor results, the Nomad would have forced them to release that to the market by now so it's something else.
We do know that they are inactive discussions for a Bex deal and if that is nearing completion they may have brought some of the big shareholders (e.g. Timo) into the insiders group. If that's the case (big IF, I know!), then clearly Timo et al would not be able to help with financing at the moment as that would be insider trading. The wording of the RNS "The Company presently does not have the ability to remedy the breaches" would make sense in that context.
They always had a big choice to make at this point - take whatever deal they can get or raise a lot of money to go it alone to the end of Ph2 (and likely delay other expensive trials like Bexcombo). So I think it's quite likely the big shareholders, who also provide most of the finance, would be active participants in such a debate.
So my best guess is they have tied themselves up in knots and are trying to unravel it!
Thanks Drac,I have been invested in Faron since the drop from £8.adding more over the years I too believed that Faron was different from many companies on AIM.Hopefully our faith in Markku and co will be restored soon.
West, It used to be believed that they were a signal of an up coming RNS. In my experience It happens only on rare occasions. Another belief was of MMs balancing their book. I thought both Faron and Scancell were two well run Cos and that there was promise In them. Compared to one other absolute disgrace of a co I was Invested In. One thing for sure after Markku's ( whom I trusted) up lifting predictions of Billions. You can't believe anybody. AIMO of course.
As always with AIM, little scummy shareholders are always the last to know while the big boys get their pay packets.
Really want to average down but very scared it could be a terrible move. The company should have updated us by now or suspended the stock
Drac what do these small share buys mean,is it a code ?
I wonder why there are so many one share buys going through, very strange,hopefully we will get an update very soon.
Just look at the 1, 2, and 3 Share Trades,
This is nothing about Financing. There are technical issues here!
This is an absolute joke now. What is going on. The sp is tanking
I have always regarded FARN as a rare quality stock. This is unbelievable
Shares selling at 132p
I wont mind If Markku's extra 0 Is added to last weeks SP. Sure Faron Is going to have to be Major Partnered or bought out anyway. This Episode Should Not Have Happened. Seems like Something Not right here. It's time now after the long wait to treat their long standing SHs fairly. MY son and I have held our Faron shares since the day we bought them some years ago. IMO
I'm sure Sax can , he's the Father of the board imo. I cannot see how a 1.4m shortfall would not just be loaned to FARN via Timo or Markku. nIt just doesn't add up.
And then Luckenbench come in and says the whole lot can be taken over , with apologies , by 4 stakeholders.
This looks like a reverse takeover for not much money.
Ask Luckenbench , he seems to know.
I've had shares here since 2018.. been posting here for years..
Not paid too much attention recently, just biding time for the trials to go through their stages.
What's just happened? Faron needs to pay back 1.4 million to someone and they can't? Didn't they have millions in funds to pay for the next few months?
Can anyone sum up what going on?
Enron , Goldman Sachs , you get the drift.
I'm not too sure of your use of English Luke , but if your last paragraph there is anything to go by I'd be pretty worried.
Also , I'm sure pension funds held Enrol et al , it means nothing who holds.
They are in, Fjarde AP Fonden 3,5%.
Btw. Bayer and Orion have a collaborative partnership in the development and commercialization of the prostate cancer drug darolutamide (marketed under the brand name Nubeqa)
Bayer holds global commercial rights to darolutamide. Orion is entitled to receive annually tiered royalties on global darolutamide sales, with a total annual royalty rate of approximately 20%, including product sales to Bayer.
Bayer is present at the Faron board.
A fourth alternative is that the very biggest owners form an alliance together with the founders and announces they have to secure Bex future and buy the company out from NAS and AIM with apologies. The biggest 100 owners have 87% of the shares, maybe even more behind the curtains so maybe not so impossible to manage.
Forgive me, I'm slightly out of touch but is that Swedish Pension Fund still invested?
If I were a holder here , I would be very disappointed that there was no RNS today to explain yesterdays collapse in the SP. If there is none tomorrow , well that is total disrespect imo.
Good thing still is that the sp is holding. As a result of this all we will at least get a description for the reasons of this episode and the situation of the company in overall, I assume.
No big amounts of shares sold today unless behind the curtains. Creates confidence.
We all know what happened but not why?
The thing is that Faron have not yet given us any explanation. If they were in deep sh*t, they should have told us. So at least they are negotiating the way out. Alternatively the counterpart could be in deep sh*t so negotiations were useless. If the counterpart were busted then you couldn’t open this lock I am afraid. Two successful solutions in hands like share-issue twice the borrowed sum plus at least one month expenses. The second alternative is they’ll make some kind of a partnering or acquisition deal with BP. A third alternative could be swapping shares with a solvent smaller company to continue the story. This could be Orion in Finland.
IMHO
If the market thought this situation was serious the share would have been suspended..
It was not....This will be resolved, even though the Board should never had let this happen..
It is a setback, and shareholders deserved better, but longterm I think this will succeed...
Are we betting there will be a cleverly worded RNS tomorrow explaining the crap situation or an RNS with a grovelling apology and solution or thr a sacking of the finance director. Or just business are usual and screw you shareholders?
Why did Faron Not have this sorted a month ago?. Did Faron almost have a deal and with funds coming would not need
them?. It seems an almost unbelievable situation to arrive at. IMO