The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
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Has there been any update on the Flu Vaccine since Jan 2019...I can't see one anywhere...
Its time for the Hvivo CEO (who will ultimately be the CEO of the combined entity)to step up and tell investors (not Cathal Friel) what the plans are for Imutex...There will be a Extraordinary General Meeting where he will have to explain his case for the merger.
Imutex Limited ("Imutex")
"HVIVO is a minority partner in Imutex, a joint venture with SEEK Group to support the development upside of new vaccine candidates. The joint venture was formed in 2016 under the previous management of hVIVO and represented a departure from the historical and now current strategy of services provision for third party client product development. These vaccines remain in clinical development and accordingly there is no guarantee of future revenue. The potential total costs and time to commercialisation remain unknown at this stage. The lead asset, FLU-v, has achieved positive Phase II data and is regarded as a licensable asset. Imutex continues to explore options for the FLU-v vaccine programme and has engaged in multiple business development discussions, some of which are still active. Imutex is also establishing schedules for meetings with key regulatory authorities, FDA and EMEA, where it hopes to gain further insight into some of the key areas of interest expressed by potential partners.
The historical cost of investment in Imutex is held on the balance sheet however it is not utilised in the hVIVO Group's operations. hVIVO contributes management oversight over the future direction of the development of the vaccine candidates, but makes no capital investment to the ongoing development work undertaken by the joint venture. The hVIVO management expect to review the carrying value and consider any requirement for impairment following the year end."
That's not quite right, it says in the sale document that Imutex is still on the books at zero value but still an asset that might have future value? Doesn't say whose going to get it though. It technically belongs to existing HVO shareholders.
It looks to me that there was no money coming in for the Phase 3 flu virus trial so Hvivo have no other option but to merge.
All money spent so far could be gone to money heaven..
Majority vote win out..there will be no return of cash..
Hi,If there is a dividend (at a later date) for the 49% stake in Imutex the company will have you on record even after the merger.
Yes it's not very clear if there will be.
Just had a read of the orph board and they seems equally at a loss regarding the jv proceeds.
I've read all 92 pages of the offer document and it is very unclear who will be entitled to the Seek/Imutex JV proceeds. Also it think it mentions that if you reject or don't accept the offer you may just get your cash back but not any shares? I wonder if you don't make the right decision Trevor and the board will just walk away with any proceeds from the JV??? All looks pretty dodgy and deliberately ambiguous relating to the beneficiaries of the JV if the deal goes through?
Don't think the shares are cancelled as such, rather changed to orph shares in the ratio given.
As regards the Seek divi it's still as clear as mud, tbh.
Brox has done his best top explain but I guess I'm just being thick.
So one last time, if you care to. Are we entitled to the divi regardless of what we do, other than sell up.
So just to confirm. If we say yes to the deal will we still retain entitlement to any payout from the Seek joint venture? If you do nothing or say no would you just get the cash for your cancelled shares, if so you would probably lose any entitlement from Seek JV?
Everything will be done automatically..
If you are not opposed to the merger there's no real point in even filing out the form..
Thanks Bronxville. So for my smallish holding, ooh err, matron, it an't going to make a huge difference to the vote one way or other. And as regards any divi I guess they will have a record of previous hvo holders to pay it to.
If that is the case, what is confusing is why they ask to "enter the number of units from entitlement".
Doesn't matter what proportion I put in the box they will all become the same orph shares.
Shirley, it's just a yes or no question.
When (if)the merger happens your Hvivo shares will be cancelled and for every 1 shares of Hvivo you will get 2.47 shares of Open Orphan.Generally the small guys vote doesn't matter,Institutions make the call.All will be done automatically thru your brokerage.
So yes Hvivo will not longer exist but there might be a dividend to Hvivo shareholders if the new mergers unit can sell off their 49% stake in Imutex.
Cathal Friel has said he wants no part in clinical trials..!
I had looked at it on Barclays just and I was as unsure on the outcome.
Are you saying that hVivo will no longer exist if it goes through. And regarless of your vote we will only own Orph shares?
Or if I buy through the corporate action as per my allownace will I then own both?
Just not sure, TBH.
These mergers generally go thru..no merger companies go their own way and shareholders retain their original holdings.
Looks to me that Hvivo needs a shot in the arm..virus program looks stalled...
Cathal Friel must be impressed with Hvivo's CEO as he is going to be CEO of the merged companies...while he takes on the role of Chairman..
Although Cafal's Hvivo video has disappeared, I found this recent one, I assume the mystery target company he was describing was going to be Hvivo? I can't decide if he's genuine or a xxxman?
https://www.lse.co.uk/media/cathal-friel-ceo-of-pharma-services-company-openorphan-explains-the-investment-opportunity.html
So has anyone figured out why the proactive investor interview was taken down?
Nit sure why it got taken down so quickly, but I managed to see it. The COO of Orphan was very upbeat. HVO shareholders will retain all interest in Imutex JV.
Why was this interview taken down? Also made private on YouTube, what did they let slip?
https://www.proactiveinvestors.co.uk/companies/news/908750/open-orphan-plc-s-cathal-friel-details-merger-with--sleeping-giant--hvivo-908750.html