The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
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That's how I understand it..with an option to 50 million warrant shares at 25p.
Thats how I understand it too
Am I right in simplifying the Intrinsic subscription as a set of pre-arranged `placings`at a pre-arranged price of 10p?
I know they`re not described as placings but they pretty much have the same net result, ie the company receive the funds, and the subscription shares are added to the issue total.
So the first tranche, as of today, are added at a higher sp than current, and then assuming the that the prospectus, and ongoing news gives the sp a positive move, then the subsequent tranches will be a bonus for Intrinsic at a lower price of 10p.
Anyone with a better understanding is welcome to make things clearer.
The July 27 Half Year Report RNS did state that the new prospectus is scheduled on or by 31 August so fingers crossed it will be completed and published in the next fortnight :-)
On 13 May, the Group announced an agreement with Intrinsic, to raise gross proceeds of up to £10.0m, through the grant of a right to subscribe for up to 100 million new ordinary shares of the Company at 10.0 pence per ordinary share. The right to subscribe comprises four tranches for 20m, 20m, 20m and 40m new Ordinary shares respectively. The first tranche for £2.0m is scheduled to be completed in two stages. The first stage for £0.25m is scheduled to complete by 31 July 2020 with the balance of £1.75m scheduled to complete on or before 31 August 2020, following the publication of a new prospectus by the Company. Subsequent tranches are scheduled to complete by 31 October 2020, 28 February 2021 and 30 June 2021.
and that is why FSA15's comment on Thursday that apparently we will have the prospectus by the end of August is welcome. I am assuming that he spoke to the company in order to confirm that by the end of August is still on. Bear in mind that Intrinsic have already taken part of their right.
Just read the RNS, that’s a great way to finance and well above the current sp, seems a good entry at these levels !!!!!
Cheers Dara, will look over the weekend, perfect sector to be in now
Pingu - if you are invested in Dev which I believe you to be, are you not better off concentrating on how the company will prosper?
Shareseeker - may I suggest that you consider the RNSs released and in particular the RNS which describes the right granted to Intrinsic to subscribe for shares at 10 pence and the reference to a prospectus. I could explain the right for you but I think that it is best that you read the transaction for yourself.