What are you on about " PANIC", panic will be the day I dump my 660,000 holding. It's unbelievable how right everybody is on here. I find it incredible that no one saw the OO coming sold all their shares at 60p and bought back at 22p. It is incredible that Inanaco bought shares at 45p just before the OO I was under the impression he new the Company's strategy before they did.
What We've Signed Up For
As a result of changes in Scancell's prospectus following last years financing round and open offer this is now what shareholders have signed up for: "The Board remains firmly committed to a trade sale at an optimal point where significant shareholder value has been created on both the ImmunoBody® and Moditope™ platforms." "Given the intention to both develop the ModitopeTM platform further and recruit additional patients into the SCIBI clinical trial, the Board expects that the timeframe for any potential exit will be extended from that which the Board had originally envisaged. However, the Board remains firmly committed to a trade sale at an optimal point where significant shareholder value has been created on both the ImmunoBody® and ModitopeTM platforms." "We remain committed to a trade sale of the Company and while we acknowledge this additional work may delay such plans, we believe it will ultimately result in a markedly improved return to shareholders" We can see from this that the board has now gained necessary permissions for its current strategy. So in that sense it has modified its original prospectus in keeping with company law. A case therefore could be made that Scancell, as from the acceptance of this offer in July, is no longer obligated to sell the company immediately following Phase 2 results at all. In other words the above statements about its intended trade sale and their acceptance by shareholders have provided Scancell with a certain amount of added flexibility on timing.
There would appear to be a situation here that if a poster changes his opinions based on further research and other market indicators to suggest another course of statagy could be more fruitful they are immediately jumped on for saying so. Once again it is you, going as far as suggesting they could be sued. Well cannot think of any company private or public which by being accountable to shareholders or staff alike that does not change stratagy when trading conditions need to be resolved for the better. In much the same way that us PIs change our targets accordingly. I have said this may times changing how shareholders can achieve true value is not reason to take your view-sue!!!!!! Whatever deal you have done that causes you to panic so frequently is contrary to how the vast majority here see it. I refer to my 21.34 last night and am surprised you still choose to do exactly the same within 12 hours over how Puritas sees it and not even confirmed by Scancell that it has even been debated. Perhaps if you are going to carry on posting in this way you might annoy less people by explaining the full story AIMHO
Scancell Under The Hammer
Having said all that I personally feel it would be a good idea for the company to consider further options. But to do this it would likely have to seek shareholder approval. In its most recent statements, for instance to the Wall Street Journal in December, Scancell has insisted that "it is still aiming to sell the business at the earliest opportunity but will also consider revenue-generating deals in order to enhance the value of the company when it is eventually sold." So the directors are still focused on seeking a buyer. But if the company starts to make money from out-licensing Moditope many investors might wish Scancell would consider other options to selling the business outright. Scancell could become self financing and successfully cash generating from out-licensing Moditope vaccines and the possibility then presents itself of Scancell's share price being driven forward on that basis. This could ultimately lead to a higher share price than if the company was sold early or make shareholders feel that better returns might be achievable if Scancell goes it alone.
What I said was that the board had an obligation under company law to sell the company following Phase 2. They said they expected to sell following Phase 2 trials of their SCIB1 vaccine. These trials are still ongoing and have been extended to include a higher dose of the vaccine in patients with tumour load. It is generally accepted that if a company states an intention of this kind it is obligated to fulfill it at some point otherwise it opens itself up to investors making compensation claims on the basis of trading under a false prospectus. So far, because of the extension of Phase 2 at the 8mg dose they are still able to meet these obligations. The first patient in the extended Phase 2 was treated last month. There are up to 12 more patients to be treated. This will be done at intervals as recruitment allows. Each patient's course of treatment is carried out over a period of 6 months. The results of the trial will be published around 6 months following the final patient having received all their jabs. Its difficult to say when the results from this tumour trial will be available. Possibly before the end of 2015 I would think.
That is the most ridiculous message I have read on this Board in nigh on 2 years and I won't even go to the trouble of explaining why. The first sentence says it all, what an absolute load of carp, it was a year ago you were telling everybody the Board were legally bound to sell the Company after the phase 2 results as they had stated !!!!
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