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Provexis Share Chat (PXS)



Share Price: 0.685Bid: 0.65Ask: 0.72Change: -0.005 (-0.72%)Faller - Provexis
Spread: 0.07Spread as %: 10.77%Open: 0.65High: 0.685Low: 0.65Yesterday’s Close: 0.69


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redprince
Posts: 1,526
Observation
Opinion:No Opinion
Price:0.83
agree with BB
4 Aug '14
That the EFF had prev been referred to as being for expansion n not for day to day expenses.anyone else remember that?
 
BoringBernie
Posts: 1,098
Answer
Opinion:No Opinion
Price:0.83
View Thread (7)
RE: EFF
4 Aug '14
Alf

I agree with much of what you say in the 11:31, especially the bit about the purpose of the EFF, hell. I even recommended your post.

To a certain extent, you're right that the principle risks are standard stuff. But it was there in black and white in June 2013 that raising funds may well be necessary and yea, three months later they did exactly that

http://www.lse.co.uk/share-regulatory-news.asp?shareprice=PXS&ArticleCode=vzhlv9v3&ArticleHeadline=Draw_Down_of_Funds_and_Issue_of_Equity

to the tune of 286k. Now I don't have a problem with them doing that, mainly because quite frankly the alternative would have been pretty horrible, but it's real and reflects what was stated in the principle risks.

My gut reaction is that the company will be self-funding and won't need the EFF renewing again ( at least not to cover operating and one-off costs anyway ). People don't need to be experts in reading these things, but if they're up to their necks in an investment they damned well ought to make some sort of effort to understand the potential risks as well the rewards, otherwise, frankly, I have very little sympathy.

BB
alfista
Posts: 11,891
Off Topic
Opinion:No Opinion
Price:0.83
View Thread (7)
RE: EFF
4 Aug '14
Yep, but the specific point was the claim that it was ONLY for expansion. It never could have been, and never was. Such "over egging" of the downside is unhelpful, since it infers broken promises and management failure completely inaccurately.
In actual fact, the original wording, stating that acquisition was a policy aim, has been overlooked times a many, another inaccuracy used to emphasise non existent errors of management.
It just gets my goat, that's all. Let us stick to verifiable facts. If there are such facts, and proof of them, then publish. But don't make it up, that just isn't right is it.
You published a portion of the principle risks over on the other board, which are verifiable, but ought to be balanced with the comment that all results come with similar standard warnings. A bit nit picking maybe, but we have to assume that knowledge of how to read reports doesn't exist across all readers.
redprince
Posts: 1,526
Observation
Opinion:No Opinion
Price:0.83
at least everyone can now
4 Aug '14
See that the bod have recognised the likelihood for further funding of day to day activities.
BoringBernie
Posts: 1,098
Observation
Opinion:No Opinion
Price:0.83
View Thread (7)
RE: EFF
4 Aug '14
Alf

to be fair to RedPrince there was an inference in the 2010 EFF

http://www.lse.co.uk/share-regulatory-news.asp?shareprice=PXS&ArticleCode=5yks9xes&ArticleHeadline=Completion_of_25m_Equity_Financing_Facility

where it was said

"The EFF however provides the Board with the financial flexibility to accelerate the development of current technologies and/or acquire new technology opportunities. "

but it's never been stated in an RNS that the EFF is solely for that purpose.

Again, to be fair to RedPrince, there might have been something said in a webinar about the purpose of the EFF ( from memory, I think there was ? ) but that's water under the bridge now and, in terms of believing what you read / hear, I'd take an RNS over a webinar comment any day and, for sure, the demerger document trumps any webinar talk.

BB
redprince
Posts: 1,526
Observation
Opinion:No Opinion
Price:0.83
EFF terms
4 Aug '14
Have been changed following the renewal - they have obviously foreseen the potential for needing it for day to day expenses following the reduction in our cash position.previouisly it only allowed for use for expansion.
alfista
Posts: 11,891
Off Topic
Opinion:No Opinion
Price:0.83
View Thread (7)
RE: EFF
4 Aug '14
That one was of course renewed post demerger, and replaced by this one
http://www.investegate.co.uk/provexis-plc--pxs-/rns/draw-down-of-funds-and-issue-of-equity/201309110700146834N/

Interesting addition to that was the granting of an option to Darwin warrants to subscribe for up to 10m shares at 4.44.

However, nowhere do I see any restriction on what any raised funds must be used for. Completely illogical to suggest otherwise IMHO
alfista
Posts: 11,891
Off Topic
Opinion:No Opinion
Price:0.83
View Thread (7)
EFF
4 Aug '14
I am reading a claim on the other board regarding the EFF, namely that it can only be used for expansion.

Here is the RNS describing the facility, and the terms.
http://www.investegate.co.uk/provexis-plc--pxs-/rns/renewal-of--25-million-equity-financing-facility/201111080700266505R/
Andre292
Posts: 345
Off Topic
Opinion:No Opinion
Price:0.83
They originally said July
4 Aug '14
Yes, but originally said July then changed to August on the last day of July ?
Maninshed
Posts: 1,018
Off Topic
Opinion:No Opinion
Price:0.83
View Thread (2)
RE: Delay?
4 Aug '14
Actually 'end' makes more sense than pre-empt!



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