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Flipper - thanks for that. I think you've hit the nail on the head with regards the pressure the auditor, accountants and BOD would have been under to get things right in the legal sense, and the late presenting of the finals may well have caused overkill in words used. I believe that the timing may have also played a role in that going concern excerpt could have been written the day before, in the future context, and were in fact referring to the present placing and not an additional placing. All very much supposition I agree, but does answer some serious questions.
It is important to read between the lines but not get carried away with assuming too much due to the lack of information. Much will be made clear of the next week.
I think I have lost enough money in the last month so hope nothing I suggest contributes to me feeling any worse but I imagine that an II wouldn't or would have wanted a bigger discount or would have be assured that there would very significant news coming which would mean the future placing would be at a higher price. Of which of these 3 logical options are correct I have a view but this is more of an opinion. I would agree with Florida that a RNS though much preferred would not be strictly required, and not be likely, in the event this future placing was not required. It would allow the BoD to have this as an option.
My understanding from some conversations I have had is that the auditors been quite onerous due to the litigation than us PIs appreciate. The effect has been that it has taken time to get sign-off and statements have been more cautious. If you see it from the perspective of the auditors perspective this is a small UK company in a bitter legal battle with a global, litigious US company. Hence one of the reasons why financial statements have come late, and statements so grave, though as to be said some cynical noise management. Perhaps this is the reason why there had to capital investment provision for Illumina CE-IVD or perhaps this was for R&D.
So it could be that the Going Concern statement reflected this backroom pressure. The Company might itself be frustrated with PIs not appreciating this nor seeing that a global company is being created.
I cannot understand why anyone is surprised the Investor Show was stage managed as that was the whole point I thought to set-up the company for a relaunch under a new brand.
The main issue I had with the Finals was the lack of sales projections. This caused a vacuum which concentrated minds on the negative rather than the commercial opportunities. There would need to be a big step up in sales in 2nd quarter for me to be happy and also a reduction in costs which I think can be achieved post litigation.
As I said I really hope my comments do not contribute towards me feeling any worse as has been a surreal last few weeks to say the least.
ATB to all LTHs (VIY, NIPT)
Here's a question for Flipper - Would an Institutional Investor invest if he knew a second placing was around the corner?
Yes Boyzee that's my take as further funding was mentioned that was not only to be excused as standard going concern. There are two issues. Is the fact that we are told off the record that funding will not be needed just days later material news that should be issued publicly and can it be relied upon.
'Further fundraising is planned to enable the business to realise its business objectives until such time as financial self-sufficiency is achieved (see the Going concern section in the notes for more information).' From the results rns ... if AR is saying he doesnt now need cash to TW publicly...it.s material ...please dont anyone rabbit on about going concern stuff ...the accountants just believe whatever the company tells em ...fag packet stuff ...seen it over and over again. Never any doubt we werent a going concern. AR at his best(read worse) Aim ...you couldnt script it. Yee ha@
Florida sorry, but I see it as 'material' as I believe it would affect the sp.If nothing else to have a positive at this moment in time would be great and settle a few nerves no doubt.Just my opinion of course.
I can confirm what Masterblaster said is said true re TW and AR love-in at the presentation. Sounds canny if true ...sp seems ok ...mind it has tumbled a fair bit from recent highs of course. New products ... should be canny if can kp costs down. Any chance of a merger/takeovers to enrich our portfolio more rapidly?
Bakky - If what TW has said is correct, and I don't doubt Masterblasters integrity, I cannot see any reason why they would need to present an RNS to confirm or deny anything if no placing forthcoming.
In this world of openness and transparency a going concern is an instrument by which the obligation of the company to present to investors possible/potential worst case scenarios. It is not, as many have assumed, a statement of fact. It does seem ludicrous IMV to think they would deliberately scupper the share price for the foreseeable future with a statement that they may or may not require another placing at some undefined time in the future. It just did not make sense.
For me that sounds positive though I can appreciate other posters exasperation here given that this news has already caused havoc with the share price.
I would agree that this is significant material news and we should all challenge Investor Relations to either confirm these informal public statements via a RNS or statement by/at the AGM.
For me the debt for equity (incl. warrants cancellation) is a very significant statement and more so for VIY holders. At the time of the reverse take-over AR et al were exempted from making a formal takeover of VIY as they were classified as being a Concert Party.
Should there be a debt for equity exchange, with the Directors holding over 27% of the equity (please check) and TMO holding circa 20% of warrants I am not sure if the resulting combined holdings would have over 50 per cent. of the Company’s voting share capital combined. I am not sure then if they would have an obligation under Rule 9 to make a mandatory offer to the other Shareholders in that scenario.
That said not feeling great after the last month so probably more wishful thinking on my part.
I agree that the Illumina CE-IVD will also massively increase sales post 2020 as Illumina have 80% of sequencers. So although investors now are just seeing the short terms sales lag the massive increase in market share that has opened up to Premaitha as part of the legal settlement is significant,.
Not sure we can believe a word these 2 say
Why no new placing money reqd? Odd ...why say it originally? The orders must flooding in. Thermo couldnt be an alternative wonga deliverer could it?
Im only relaying what TW said on his bearcast. All seems a little staged to me!
well, if that is the case should we not get a Rns informing us all that no more funds are needed as that is very 'material' news imo. Would like to know what has changed so so much in the last 2 weeks to warrant that statement.
If there is no Rns in the very near future then it's more Reynolds bullshite, unless of course, he didn't say it at all, which is more likely?
Mmmm Didn't he also say we reached b/e earlier this year! Wonder why recent results indicated further funding would be likely. When things are said and they happen I can't complain. When they don't happen with some consistency. one never knows if future comments can be relied on. Let's hope the results expectations of funding requirement is already out if date.
TW asked Adam Reynolds if anymore funding will be needed, and apparently AR said no.
Anyone know what TW says in today's bearcast about yesterday's meeting and Premaitha discourse?
I wasn't able to go to the presentation however did have a very frank series of conversations with BH. Although he appreciated the uncertainty that had been created he also felt that PIs should recognise that despite the commercial headwinds "a globally relevant molecular diagnostics business with significant value opportunities" is being created and that the "litigation has only recently been settled" and that a "broader strategy" was being developed which would be shared with shareholders.
Frustrating response for LTHs and for those awaiting a strong bounce but hopefully should mean that this revised strategy is explained at AGM
How did the conversation go with TW, as rightly after funding mess and share price retrace he was planning to ask some tough questions? Any hints on newsflow?
Andy, all sounds interesting. Any mention on India ?
Attended a presentation by the company this evening and spoke to some of the bod afterwards.
Didn't realise how significant the illumina deal could be. Illumina now supply 80% of sequencers so opens up the majority of the market to Premaitha.
Also mentioned that they are looking to reduce the TF loan balance (possible debt for equity Inc warrants cancellation).
Also said that some IIs have been sniffing around.
all back now........just came up with currently no data for Premaitha health....no price nothing.....started to worry a little bit...........would have been nicer to come back @ 15 to 20 range though lol
I.m ok on my lse mobi pages.
Sounds like it. Where are you looking? Web site is ok. LSE?
whats occuring all ime getting is..........There is currently no data for Premaitha Health...............is this just my PC ???
Hi Florida ...yeah I meant Finncap ...sorry. General mkt nerves not helping anyone at the moment either ...placings too ...as the premium over the current sp becomes ever more demanding. I want to see that free cash figure up ...the wealthy in the many countries we operate in need to reproduce more and buy our test , that would help. Hats on ...tk care fella ..and thnx for all of your input ...it is appreciated.