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Sorry, Duncan said OF alerted them? How in the hell is it OF responsibility? If the CFO did not know and plan for this then he is a blithering idiot. The CEO is in the same boat if not aware of what he signed up to. There is generally a 90 day cure.period but if notified in April sounds like that may be almost up and administration is imminent.
No doubt putting the positive spin on the lacklustre 0518 data was their last attempt to generate a spike in the SP that would hold and enable them to do a placing.
No doubt investors were not prepared to invest in 0518 with a 0% response rate.
If 0518 data was good enough they would have released it months earlier.
I do not believe it magically became available when they released it.
Also it was not normal to wait nearly 18 months to start the Bavencio trial unless there was a problem.
The Merck collaboration was agreed in June 2018 and dosing began 9 months later
April would have made sense in terms of an alert. They had to have $7.5m in a US Custodian bank account by the 1st April as per the restrictive covenant.
If they themselves had failed to comply with the covenant why would they have needed OF to tell them.
It seems like they thought they could pull a fast one and OF wouldn't mind.
I was at the AGM. I’m pretty sure Duncan mention it was April when OF first alerted them re possible breaches.
I was at the AGM. I’m pretty sure Duncan mention it was April when OF first alerted them re possible breaches.
It is folly to believe OF pulled the plug without having gone through formal protocols that any lender/borrower would be contracted to observe. 4D's Execs would have been aware some weeks ago the threat Oxford were about to unleash.
If Duncan claims he trusted OF and had other funding streams to tap, why make the hastily arranged presentation, which was nothing more than a last minute attempt to influence what was about to hit the Company. THe presentation was an act of desparation as signified by the appalling inabilty to answer straightforward questions.
CEO's and CFO's who act in such a way are not worthy of their position.
Administrators were appointed by Oxford, and are charged to retrieve Loans and charges contractually due the Funder.
DP and Co are attempting to appoint a Joint Administrator. It is conjecture how the Court will view the application after Oxford's appointees have been approved. The company's application only serves to confirm what an inept style of management exists within 4D.
I doubt they could buy or sell before the AGM. Likely a closed period for Directors but stand to be corrected. Other large holders perhaps.
It is possible, though unlikely, that OF did just drop them in it without warning following the investor presentation. Can’t really see how they didn’t receive some prior signals though. That makes little sense. Duncan did say that other potential funding was in the pipeline. Perhaps OF didn’t like that and wanted the 4D IP’s for themselves. Just thoughts, I have no idea what has gone on here. Still can’t believe it really.
Evening all.
Does anyone know if TR1’s still have to be issued when the company’s shares are suspended and going through administration?
Just intrigued to see if the BOD dumped some shares before suspension with prior knowledge of OF’s intention to call in the administrators.
What about the other >3% holders?
GLA.