London South East prides itself on its community spirit, and in order to keep the chat section problem free, we ask all members to follow these simple rules. In these rules, we refer to ourselves as "we", "us", "our". The user of the website is referred to as "you" and "your".
By posting on our share chat boards you are agreeing to the following:
The IP address of all posts is recorded to aid in enforcing these conditions. As a user you agree to any information you have entered being stored in a database. You agree that we have the right to remove, edit, move or close any topic or board at any time should we see fit. You agree that we have the right to remove any post without notice. You agree that we have the right to suspend your account without notice.
Please note some users may not behave properly and may post content that is misleading, untrue or offensive.
It is not possible for us to fully monitor all content all of the time but where we have actually received notice of any content that is potentially misleading, untrue, offensive, unlawful, infringes third party rights or is potentially in breach of these terms and conditions, then we will review such content, decide whether to remove it from this website and act accordingly.
Premium Members are members that have a premium subscription with London South East. You can subscribe here.
London South East does not endorse such members, and posts should not be construed as advice and represent the opinions of the authors, not those of London South East Ltd, or its affiliates.
Yes, SOG but has anyone added up the RF sales in terms of cash since this RNS. Could we go under the 1 million mark? Need an account that can see all trades for the last 2 weeks. I don't have one.
As far as i can see, this line hasn't been used until the last RNS. I think the terms are intentionally ambiguous and are being used interchangeably. IMO, there is no reason to put Aug 25 in there, other than spin.
Agree Potnak that balances don't need to be paid until August 25. That being in full.
However, if we see below there are clauses.
The amount currently owing is greater than 10% of market cap.
Amount currently outstanding is also greater than 1 million.
'The key terms of the Facility:
· RiverFort has committed to providing an Equity Prepayment Facility of up to £5 million.
· The First Deposit of £2 million.
· Two further committed deposits of £0.3 million each on the 3-month and 6-month anniversaries of the First Deposit (the "Further Deposits")
· A fourth deposit, on the 6-month anniversary of the date of the First Deposit, of up to £1.4 million (the "Fourth Deposit") subject to the Customary Conditions (defined below) and the following trading conditions:
a) the maximum amount deposited and outstanding being not greater than 10% of the market capitalisation of the Company at the time of the deposit.
b) the maximum amount drawn and outstanding being not greater than a 15x multiple to the 10-day and 20-day Average Daily Traded Value of the Company's ordinary shares.
c) maximum amount deposited and outstanding being not greater than £1 million prior to the deposit.
· Future deposits, to the balance of up to £1 million (the "Future Deposits"), may be mutually agreed between the Company and RiverFort.
· All deposits will be subject to customary conditions precedent (including sufficient authority to allot shares and grant warrants to the Investors and disapply pre-emption rights, and no material adverse change to the Company or its '
Currently - is the stand out word and August 25" being the maximum term wouldn't be surprised if more shares are issued or RF sell down previous shares held and we still end up owing a substantial amount come Aug 25"
What do you make of the below, MF? This says to me that balances don't need to be paid until Aug next year. I think this line is important.
As announced on 3 August 2023, the Company entered into an Equity Prepayment Facility with RiverFort (the "Facility"). The Company has drawn £2.3 million to date pursuant to the Facility from two prepayment deposits. The Company currently has an outstanding balance of circa £1.3 million under the Facility. Any balances pursuant to the Facility are not due for repayment until August 2025 (the "Maturity Date") and the Company expects to settle all balances by the issuance of Placing Shares prior to the Maturity Date.
Potnak - I don't think Sar have any choice as to when they issue more placement shares to RF. See from initial August RNS:
· If the Investors have disposed of all the Initial Placing Shares or subsequent Placing Shares during the term of the Facility and amounts remain outstanding, the Investors can issue subscription notices to the Company to receive further subscription shares (the "Subscription Shares").
My reading of this is that its RF who decide. Perhaps they are now hoping to be paid in cash instead of having to sell many more very cheap shares?
I think it is important to point out here that, other than IR answering a question about shareholders contributing to a placing. The company hasn't mentioned a placement or any other type of funding. Also, they are not under any obligation to protect RF which would be illegal and insider trading. It is my belief that Sareum has asked RF to clear down their holding and we won't be giving them more shares until we have to, which is Aug 2025. This should clear the way for SP rises. Yes, there will be some who bought recently that might take profit, including me but essentially we will have to got rid of the ball and chain that is RF, at least until next year. I'm not expecting today to be pretty but the MMs could push the price up a little like they did yesterday. I will buy some more today in anticipation of getting a forward-looking statement with a clear plan to progress. As for what will that cost. I honestly don't know.
That's my thinking if it's late tomorrow not good
It’s called looking for the bottom.
Just stating facts!
Are RF selling - Yes
Do they have more to sell - Yes
Do SAR need finance - Yes
Is it easy to raise finance in this market - No
Anyone saying otherwise is only trying to pump and dump for their own benefit.
Hi potnak. Hope you are ok. What price do you expect a share price subscription to take place at? Thanks
Hi bull. You lot are really desperate to short this....your messages all over indicate that. Sad individuals
I agree, RF are clearly offloading which is obviously dragging the SP down, from what you guys are saying there is still more to offload so expect the SP to drop more. However, the next news will be the financing, which could be anywhere between 2-6p. Then maybe there will be a bounce.
The timing of the RNS will depend on the content. If bad new, I may come late tomorrow to protect the sp with a long weekend. If positive, it will come first thing or at 11am. We could get one today but I do think they waiting for RF to offload as many as they can, in fact, Id go as far as saying the board might have asked them to. Hit the bottom and bounce back. Strap in!
A bit late, reckon it be late today or last thing Thursday
The Company intends to use the Facility, if fully drawn, together with the receipt of anticipated tax credits to the amount of £1.6 million, to complete the Phase 1a/b clinical development of the Company's lead candidate SDC-1801, which is expected to be a primary catalyst for driving shareholder value, and for general working capital to Q4 2024.
Above is what the body of the RNS said
I did a buy few shares the day before yesterday. But was thinking this morning....
The initial funding was for £5 million to cover the costs of 1a/1b. So the initial budget was for 5 million plus 1.6 million tax credits (and there is an issue with dates? to recieve those - I think Damion talked about this).
As Tim said:
"This funding, if fully drawn, alongside anticipated tax credits, allows us to complete plans for the Phase 1b portion of the trial once the Phase 1a part is concluded, and provides cash runway into Q4 2024.
Doesn't that mean the funding covered the actual 'costs' of the 1b or just 'plans' for the 1b? I also can't work out exactliy how much of the £5 million Sareum has already received - is it £2 million?
So moving ahead SAREUM need to raise money to finish 1a (thats what the last RNS said). They need to raise money for the 'plans' for 1b. And they need to raise money for working capital (as they said in the RNS). And they may need to raise money to cover not just the plans but also the costs for 1b. And now there's a load of warrants floating about.
I still see this is a long term play (for me) but I'm not in a hurry.
Yes good news that the £300,000 was a sell.
Not that that's a bad thing but it's still going to take the news of whatever fundraise is being negotiated... just as long as it's not as sh***y as the RF deal. even be happy with the director loan at x% if not a placing. frankly, the BoD have creamed enough from the company to feel obligated to rescue the co. from such a damaging fundraise as to almost kill off the share!
if they make a good case for the fundraise they could even do a PB placing to be rid of RF for good. that'd bag the sp in a day (as long as it was underwritten, in case public aren't so keen!)
You make me laugh....your opening statement and then you make stupid Statement. The data is being examined at moment....not like looking for a phone number ...turnips
Horrible shar and reading these boards you have careful of who to listen too. From £1 parties to funding / placement
options. Certainly doesn't look like any big pharma are looking too close.
I think that we all know that something will be happening within the next week or two, and it's not rocket science to know that any financing will be at less than the current market price. The questions are therefore what will the price be and how much money do they intend/need to raise. Obviously the two are linked, it's just a waiting game on this side of the equation. On the other side is the fact that nothing has changed from a science perspective and data is due in Q2. Further updates on 737 could occur at any time and at this point it is unknown. GLA hope everything becomes clear very soon.
A dim blue light still shines at the end of the trading day!
Going to struggle to finish blue after rise this morning.
What a shambles
Your post made me laugh Lazarus2 and obviously many others.
I hope it works out for you, but the more I read the last RNS the more I feel shareholders are going to get shafted by the board -I do not trust Parker - I sold at a considerable loss but that was my choice. On the other hand they might announce something special. Such a gamble. Even though I'm no longer invested I wish most of you good luck 🤞