The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
London South East prides itself on its community spirit, and in order to keep the chat section problem free, we ask all members to follow these simple rules. In these rules, we refer to ourselves as "we", "us", "our". The user of the website is referred to as "you" and "your".
By posting on our share chat boards you are agreeing to the following:
The IP address of all posts is recorded to aid in enforcing these conditions. As a user you agree to any information you have entered being stored in a database. You agree that we have the right to remove, edit, move or close any topic or board at any time should we see fit. You agree that we have the right to remove any post without notice. You agree that we have the right to suspend your account without notice.
Please note some users may not behave properly and may post content that is misleading, untrue or offensive.
It is not possible for us to fully monitor all content all of the time but where we have actually received notice of any content that is potentially misleading, untrue, offensive, unlawful, infringes third party rights or is potentially in breach of these terms and conditions, then we will review such content, decide whether to remove it from this website and act accordingly.
Premium Members are members that have a premium subscription with London South East. You can subscribe here.
London South East does not endorse such members, and posts should not be construed as advice and represent the opinions of the authors, not those of London South East Ltd, or its affiliates.
probably scrap the tender and carry on with the buyback at 4.5p lol.
Some hysteria setting in but interesting the price hasn't crashed further.
Can't be much longer before closure.
Unless the revenue issue is resolved without further collateral damage to the business I would be surprised if the tender offer will continue. We have seen the share price decimated this year - we are trading at 50% of January 2020. Irrespective - would you tender your shares for c.5p - it’s become a complete embarrassment for everyone invested here. SB
Based on Toby and co's past performance, you should consider yourself lucky if tender offer is happening at all!!
Based on Toby and co's past performance, you should consider yourself lucky if tender offer is even at 5p. They are likely to use any excuses to milk shareholders.
Dividend has been mentioned for years but still evading shareholders lol.
What matters is the dosh that goes in their pockets :)
I suspect that the other party involved with the contract wasn't happy to see that there was no return of their money and so the company tried to announce something first, rather than have it leak out and potentially be even more damaging.
I am waiting to see what the tender offer comes in at. It will not be pretty, but I would hope that it is a premium on the average of the last 6 months at least. If their recent mistake and the subsequent drop is taken into account, I won't be happy! I'd be grabbing my pitchfork if they come in at 5-6p.
Maybe - " The company (mmx exec directors - TH and MS) ) announces that the board (non exec directors - GE, HT and BD) is commencing a formal investigation". Or the board (TH, MS, GE, HT and BD) are formally investigating contractual arrangements put in place? BD is the only true non exec - GE and HT both represent II shareholders. But yes - guessing as to what's going on is not exactly ideal. SB
Bakky, lol
hold on! are they investigating themselves? lol
'The Company announces that the Board is commencing a formal investigation'
Be nice if Belvedere get the boot at the same time as Toby and Salazar. Not sure what the PR company brings to the table, to be honest.
Company needs a deep clean.
Emails to the company are being re-directed to John West at Belvedere. I have been in contact with John and as expected he is only able to respond with a polite holding notice that the board will "communicate with the market as soon as soon as they are able to". In the current circumstances this is likely all that can be communicated - like it or not. Whether these emails are being forwarded automatically from senior management company email addresses to Belvedere or whether TH and others are sending on for responses would be an interesting piece of knowledge. SB
I guess it's a waste of time as all they will say is 'in due course' or similar.
Try John West at Belvedere. Get them to justify their costs.
yep same. Radio silence. Expected but at least a holding email would be nice.
not sure if anyone else has tried to contact the company, but my emails don't get returned which is diabolical behaviour considering the circumstances.
just makes you wonder if it's all part of the plan to get the sp down as low as they can. II's get together like you say SB and take it private offering the Pi a pittance! It will be laughable ( if it wasn't so serious) if they take more than 3 weeks to sort this out.
a couple of empty chairs will do as good a job as Hall/Salazar it seems! I suppose we can't point too many fingers until we get the outcome. I just hope that it's a max of the $1m if anything at all. If it's anything more than that, then another feck up by someone putting it in the rns.
this is my preferred route failing a 10p offer;
'move team on and replace (we have a COO and CFO who could step into roles overnight) and back to selling domains in preparation for sale in 12/18 months'.
* For CFO position (currently MS) - we have Chief Revenue Officer (Vaughn Liley) - interestingly VL was previously sales director at ICM; Or Financial Controller (Deep Shah). Although perhaps they are part of the revenue issue......SB
taking it private is what I have thought for quite a while now. Who would take 6p? 10p will suffice, but that won't happen. So around 8p will do me.
There are a number of things that worry me here until we get some communication. Firstly – the fear the investigation has kicked up other issues on revenue treatment affecting previous years. Secondly, that TH and MS have lost the confidence of the board (as they have with the majority of posters here) and are negotiating exit packages – although sometimes a clear out can have a positive impact on company performance it is still a disruptive event. Thirdly, the potential for our II’s to attempt to take the company private. They currently own 60% of the business (which I estimate has cost them in the region of c.£40m – averaging about 7.5p a share). That 60% is now worth today c.£25m – meaning the rest of the company is currently valued at c.£15m. The II’s could put in an offer at a premium to the current price (say 6p) – and see how many take up the offer – before forcing others to sell if they get 90%. What if they offered 10p a share - £36m would buy the remaining 40% of the business and pretty sure that would be accepted by a lot of us given the past 3,5,10 years. That would allow all these very public car crash events to be dealt with behind the scenes, sort the business out and sell it in a couple of years when reshaped. That would require II’s to act in concert – and let’s remember the coordinated purchase of SJL’s shares earlier his year – so they do talk. There may be a low risk of this happening – but if you were in their seat – you would be looking at all options; back the team and move on and hope that’s the last time this happens; move team on and replace (we have a COO and CFO who could step into roles overnight) and back to selling domains in preparation for sale in 12/18 months; attempt to take the company private; immediate sale in its current guise but that appears least palatable unless someone with deep pockets fancies taking on the challenge. SB