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Forget investigation by FCA, this will NEVER happen and you're wasting your time. The mere fact it's mentioned shows peoples naivety and lack of experience in trading on AIM. I'm surprised Myles has actually even covered that topic, as i'm sure he's far more aware of this than I am... but his angle maybe that he's a substantial shareholder and should've been notified or given a heads up, but that maybe only administered in his case...not for the majority of PI's like us.
@JCEP - do let me know if you form a group or something similar, this isn't the only incident that needs to be investigated - there are serious question marks around the early April placings as well, IMO you simply don't time a placing that well without knowing more than the rest of us...
The biggest fear for me now is for the sp to go too high, as i'm sure a large sum of the £1.20 placing will be flipped for a quick profit, so the higher the sp the more incentive to flip and bring sp down imo. Still not happy as promises have been dropped but still holding as i'm still in profit.
Gazza
I think they might well be forced to investigate if enough people highlight the leak of insider information and subsequent selling. Having inside info is not illegal but acting on it certainly is. I will update as I go through the process. I'm notgoping to let this one go. These criminals need to be brought to task.
Of course he is going to come out with false indignation! Would expect nothing less such folks.
Me thinks he protesteth a little too much.
He’s been quietly selling for two or three days. Not said a dickie bird.
That’s not a coincidence in my opinion. But whatever, all city connected spiv types do it. It’s what they do. He isn’t the only one. PIs are always the last to hear about this stuff well after they’ve all had phone calls from city mates and brokers to offer them the placing.
The only way to get on the same level playing field is use a small Dodgey inside broker and register for placings like they do. Have two brokers.
Their mates ring them to tell them the company is touting a placing round the city, they start offloading then when little broker rings then to offer the placing they take it and dump their remaining stock holding on HL or IG of whatever.
That’s what they do. Protesting that he’s some sort of saint just doesn’t wash. Ha ha. He’s a city boy. They’re all at it.
Few on here remind me of the Pied piper!
FCA wont do a thing
Easier to ask for forgiveness?
AVCT
@avacta
placing at 120p to raise £45m.
This has been one of the worst episodes of insider dealing I have ever witnessed on the LSE. I imagine that mgmt. is sick of it, and that a transfer to (or, at the minimum, a dual listing on) NASDAQ will be expedited.
An FCA investigation could also be a possibility, if it receives enough complainants from retail investors. There is partial fault with #AVCT's mgmt. (but unrelated to the above insider dealing) in having assured investors that it had sufficient cash until "early 2022". 2/7
It would have been preferable to have raised the £10m necessary for the Diagnostics division, and then funded the Therapeutics div. out of cash flows from #COVID19 test sales. But I suppose the Therapeutics div. IS the core long-term value driver for #AVCT, and so securing.. 3/7
...such a huge amount of funding for it completely removes any reliance on the success of the #COVID19 tests (which is of course just a (albeit, phenomenal!) bonus to the #AVCT core investment case). This raise will fully fund at least 3 more Phase I trials, BESIDES pro-dox. 4/7
It's also important to bear in mind that a £45m cash injection is a MASSIVE endorsement for a Co whose mkt cap touched £25m only 10 weeks ago. The vast majority of this has gone to institutions I hear, including a mega amount to US investors. Bodes well for that... 5/7
...aforementioned NASDAQ listing. Placing price and equity dilution are a bitter pill to swallow - £1bn mkt cap will now come in at ~400p, as opposed to ~480p. BUT - my belief is that this cash will be used to generate even greater value than previously #AVCT could have...6/7
...and in a faster time period. We certainly won't be investing another £450k to retain our 1% stake(!), but are adding to the #AVCT holding today. I expect a huge amount of news-flow over the coming weeks, and for the SP to be back up above 200p soon. 7/7
https://twitter.com/MylesMcNulty/status/1268449831674150917