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Crazytowner did you get a response to your email from either AMC or the NOMAD!
AGE
AMC have been working on the RTO for two years and this is the best they could find !!!!!
Not only that, they have only been talking to this company since December and were therefore never going to complete by the originally given completion date so should have pulled the plug way back then.
The BOD have taken their full salaries, they have spent a rediculous amount on this and there appears to be abortive costs too.
Some serious questions need to be answered by the BOD and Nomad
If the No vote wins then the company will delist and you won't hear a word from RY for years as he slowly squanders the remaining cash -pretending to search for other opportunities.
I think RY would love holders to vote No so he can spend the remaining cash himself at his leisure and he won't have to answer to or communicate with shareholders as the company would be delisted.
It could easily remain delisted for 5 or more years, so be careful what you vote for as a No vote means you will get No money from the remainder of your investment here.
A Yes vote could get you around 10% of your original holding.
Don't get me wrong, I'm not in favour of this deal and would prefer the remaining cash to be divided out but that isn't going to happen with Young at the helm as he will just squander the remaing cash at his leisure.
I even think he's picked the worst option out of the 16 to present to shareholders so it will be rejected and he then gets to spend the remaining cash over the next 5 or whatever years - pretending to search the globe for opportunities.
A Yes vote is not investing in this start up Pharma, its simply the only way to receive the last of your investment.
The new company may even rise a little at first if they pump it and draw in some Pharma speculators, thus, giving those that wish, the chance to realise the remaing cash they have invested here.
I think the question people should ask themselves is a simple one but difficult to answer.
What will I get if I vote yes or no?
If a yes vote then on their value on day one of trading you should be able to calculate. You’ll be able to sell on a specified date.
If a no vote then what’s left in cash of Amur after all expenses of the RTO and wind the company.
You’ll not know the residual value nor a date when the value will be realised by you.
I am in the share action group ~ VOTING YES!
260:1.
~
Right there investors are wiped out. join the share action group. Combine your shareholding and for God sake VOTE NO
What does the company get for this £5.5 Million or so? A company with an unproven product that seems to be a bit of plastic. Why oh why? And as this RTO took too long it has become more expensive as it must issue an admission document and relist? This cash will not last long and sooner or later its a placing an more shares. They seem to have a lot of authority to issue shares and issues shares they will. A future of dilutions. Why buy into a loss making business? VOTE NO
Would the 53 members of the AMC shareholders share action group email me as I would be very interested to hear your thoughts on the RTO now that the documentation has been published!
AGE
On page 92 of RTO document costs include R&D of £255,540 for 2023 and £107,767 so a total of £363,307 so amazing that a group of high qualified geologists believe that that deserves a valuation of £5.5m?
My goodness me what was Theranos valuation at its peak?
It was $9 bn and now worthless!
As the saying goes "The markets know the price of everything but they do not know the value of anything!
AGE
Https://www.linkedin.com/company/extruded-pharmaceuticals-ltd/?originalSubdomain=uk
Robbing got a real bargain!
Maybe vote No will be the best option - depends on just how much cash they will have after an abort and 6 months of trough feeding. Probably only about £1 -1.5 Mil circa 1p per share.
£5,503 turnover. Damn. Loses of £338,534? Those could double if the new man takes the same salary as Robin. Cash will all be gone in 18 months and they will do a placing. Better vote NO and get a return of capital. Put your return in GSK a proper pharmaceutical company. This company that produces this plastic instrument is not going to cut it. One product company. They should have just sold the IP. They want a listing in order to obtain more capital as they know they will need it. This is a poor RTO. VOTE NO
Has any one had a look at the RTO document?
EPL's turnover for the year ended 31 March 2023 is £5,503 with a loss after taxation of £338,534.
Yes, £5,503 is worth of the Sterling equivalent of just 8 days of Robin Young's annual salary.
Strange that the annual accounts at Companies House are for the year ending 31 December 2023 yet the accounts in the RTO document are for the year ended 31 March 2023?
What happened during the period April 2023 to December 2023 to say the results and balance sheet are not disclosed.
This RTO reminds me of the Dragons Den TV series when deluded entrepreneurs enter the den and they tell the dragons they are seeking an investment of £550,000 for 10% share of their business.
When the entrepreneurs have given their presentation the dragons start asking questions such as what is your turnover for the last and year and what was your gross and net profits?
Could you imagine if the Board of EPL went into the den and told the dragons the turnover was £5,503 and they made a loss after tax of £338,534 and we value EPL at £5.5m for a bit of plastic that can be inserted into a brain.
Once the dragons got over the shock of such a ludicrous valuation would all fall off of their chairs and so would Charles Ponzi if he was still alive with an uncontrollable fit of laughter.
After they had managed to pull themselves together after laughing for 5 minutes non stop they would tell them they are not going to invest but they know some highly qualified geologists who have a few million money to burn!
AGE
The Board of AMC have a fiduciary duty to act in the best interests of all shareholders and not just themselves!
.......and how much could be returned after liabilities and abort costs? I think figure that might disappoint quite a few.
They certainly make it sound like the cash position won't be as great as everyone thinks. You have to take in account the very high admin costs and rto costs since that final results figure. It'll be a lot lower now. Good question for the Q and A, how much cash do you have now?
You will get nothing as the AIM listing will be cancelled. The cash will be held in a private company and will take years to recover and that's assuming there is anything left by then.
Must say even by Robbings Standards this is a pearler - I don't reckon they could have found a poorer target or structured the deal any worse!
The quickest and probably the only way to get any cash out of AMC will be to accept the deal and sell after the suspension is lifted. The resulting Co won't be AMC and you will need to cut your emotional attachment it won't exist anymore.
10 out of 10 Robbing for living up to your name.
After reading the RNS & considering the pro's & cons it will be a no vote from me.
I can't imagine there will be many LTH wanting to wait another few (who knows how many) years on a complete gamble. May as well get anything back that you can & put it on the lottery, the odds of a pay out are probably better.
If ChemoSeed was so good it would have been taken up by a larger player. That Extruded Pharmaceuticals is taking this route shows the speculative nature of its product.
VOTE FOR RETURN OF CAPITAL BUY VOTING NO.
Even if there were to be a positive Phase II clinical trial of which there is not guaranteed, any authorisation could be received is at least until 2028. All you need is a few delays or set back and it is 2030. So this money they will now take, will not last long and they will then be wanting to issue more shares? This is an unprofitable company with zero earnings. It has some speculative unproven unauthorised method of injecting tumours. If it does not work which it has yet to prove or be given authority to use, it is the end. This is going down the rout of dilution.
VOTE NO. NO RTO
Proposed share consolidation at a ratio of 1:160
Total wipe out through dilution. Cash will not last long and the new Target will issues more and more shares of AMC now referred to as Crism Therapeutics. This company (The Target) is far from cash generative. Years away. Expect multiple placings.
FOR GOD SAKE VOTE NO. NO RTO
Has anyone noticed that the documentation for CRISM Therapeautics Corporation has an authorised share amount 16bn shares of no par value?
That gives plenty of scope to issue more shares as the existing AMC shares issued is 1,392,872,315 reduced to 8,705,452 for the 160 for 1 share consolidation and the document states:
Number of New Ordinary Shares in issue upon Admission, following the Share Consolidation and Bonus Share Issue and Consideration Share issue 32,678,150
So potential to go from 32,678,150 to 16,000,000,000 this allows an increase in the maximum amount of shares to increase by a 489.62 times that if the RTO goes ahead!
Good to see that someone from AMC or it's PR firm is monitoring the LSE forum closely as goneawol just provided a link!
Hats off the PR firm as very efficient for once!
Could this sudden level of efficiency be due to the fact the Board want shareholders to vote in favour and then once approved go back to the usual habit of not responding to shareholders messages.
goneawal how about asking Robin Young to issue tax guidance re the implications of the Board;s decision to approve the payment of the special dividend!
AGE
Dojistar have you managed to find the RTO document on the AMC website?
I cannot find it!
You would have thought that RNS would have included a link that you can click on that takes you directly to the document but I suppose that is asking too much for AIM Boards to arrange that and yet is the obvious thing to do!
It is not a good indicator of efficiency in that on the day the RNS comes out we have to keep looking at the AMC website to check to see if it has been loaded up.
Do you notice below that they stated
(including the abort costs of this transaction)
They must mean abortive costs rather abort costs.
These costs need to be paid by AMC whether the RTO goes ahead or not!
AGE
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Do you really trust the board to wind this up in a timely manner, though? I bet they would drag it out as long as they could and you'll end up with less and just have to wait longer for it.
23p would be good, but you're right, it'll be lower than that.
Do you really trust the board to wind this up in a timely manner, though? I bet they would drag it out as long as they could and you'll end up with less and just have to wait longer for it.
23p would be good, but you're right, it'll be lower than that.
If the Board of AMC are able to demonstrate that it is a good deal for AMC shareholders then I would vote for it but based purely on EPL's last set of accounts I would definitely not vote for it.
Where as the costs for the patents in EPL's accounts as they should be disclosed in intangible fixed assets as the technology has been assigned to EPL?
Basically the product is a bit of plastic that is inserted into the brain when the tumour is removed and it then releases the drug as the blood brain barrier prevents drugs from getting from the blood stream and into the brain.
I have learned from past mistakes in buying AIM shares that you should take what AIM Board members tell you with a pinch of salt.
There will be a lots of caveats in the RTO document such as the 23 pence is an estimate and it cannot be guaranteed.
It will be interesting to see which firms have been involved in producing the RTO document and no doubt it will say the valuations are based upon assumptions that have been provided by the Board's of AMC and EPL!
Has any one been able to find the RTO document on AMC's website as there will be around 100 pages of information that our group can look at to see how the AMC Board arrived at a theoretical price per share of 23 pence which equates to 0.14375 pence in old money.
AGE
ChessMaster did you read the document on AMC's website?
It states the following:
In the event that the Resolutions are not approved by Shareholders, the Acquisition and other Proposals will not occur. It is expected that the Company’s AIM listing will be cancelled with immediate effect resulting in Shareholders owning shares in an unlisted company. In such circumstances, the Directors would first settle all outstanding liabilities of the Company (including the abort costs of this transaction), and then seek to authorise a winding up of the Company, with any outstanding capital being returned to Shareholders.
AGE
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There are two choices ....Accept the offer and get the option to recover some of your investment back or refuse the offer and get nothing back. Its that simple !