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70p to buy. Next stop £1+
Consideration Shares valued at approximately US$75.8 million, representing a premium of over 250% to the current market valuation of SalvaRx*, that’s 150p in pound
Deal equates to £1.40/£1.50 but intensity therapeutics news will blow the doors off. Only 7 million in free float
Former Head of Worldwide development for Pfizer
Declan Doogan CEO of Portage
Declan Doogan MD of i0x
Declan Doogan MD and co-founder of Juvenescence (who’ve just announced a monster deal today)
Jim Mellon CEO Salv
Jim Mellons Salv own 56% of i0x
Jim Mellon Chairman & co-founder Of Juvenescence
Has a symmetry about it doesn’t it..
Now Jim has also said in another companies RNS when discussing Intensity Therapeutics (9.5% owned by Salv) that “We believe the Warrant will be of interest to UK based institutional investors and the Company plans to present, with Intensity management, the results of the IT-01 study to date to interested parties over the Summer."
Suggests to me that these results are going to rather spectacular.
Anyone selling today may want to have second thoughts...
Given the heavy and persistent selloff for most of the trading day today, it wouldn't be a surprise if this fell further again tomorrow.
The buyer gets some good product, the Board gets a backslap and probably a tasty bonus, while the sellers (shareholders) get some niche Canadian paper...
Great stuff OGM4 ... very concise RNS explaining and detailing their prospects.
Details of all the companies that SALV have an interest in, all with great potential.
Points to note:
1. Possible name change for the company from Portage Biotech Inc.
2. Consolidation of shares of ratio up to 120:1
3. Seeking a listing on a senior exchange (NYSE & UK Market?), (but not as a penny share).
https://www.portagebiotech.com/investors/press-releases.html
Guys, you'll receive 18 shares in Portage Biotech Inc per SALV, not £1.40. Quite what they'll be worth when you try to sell such an illiquid Canadian stock (and how you'll achieve that) is not clear.<br /><br />Why isn't there a cash option?
Strange that less than 650k shares have been traded in this today, despite the big rise.
With relatively few shares in free float, MM's would struggle to prise shares off of LTH, also expect them to suddenly lower bid price to trigger stop-loss orders with no offers on ask and give them a few to trade when price increases.
Share dealing suspended on PBT.U at US$0.105 pending news (19 hours ago)
VANCOUVER, Aug. 13, 2018 /CNW/ - The following issues have been halted by IIROC:
Company: PORTAGE BIOTECH INC
CSE Symbol: PBT.U
Reason: At the request of the Company Pending News
Halt Time (ET): 2:10 PM
IIROC can make a decision to impose a temporary suspension (halt) of trading in a security of a publicly-listed company. Trading halts are implemented to ensure a fair and orderly market. IIROC is the national self-regulatory organization which oversees all investment dealers and trading activity on debt and equity marketplaces in Canada.
SOURCE Investment Industry Regulatory Organization of Canada (IIROC) - Halts/Resumptions
Here is some background on SALV CEO:
Dr. Ian B. Walters, M.D., MBA serves as CEO & Executive Director at SalvaRx Group plc. Dr. Walters, M.D., MBA has been Chief Medical Officer and Vice President of Clinical Development at Intensity Therapeutics, Inc. since September 2014. He serves as the Chief Executive Officer at iOx Therapeutics Limited. Dr. Walters has over 15 years of oncology/immunology drug development experience Dr. Walters served as Senior Vice President of Translational Medicine and Corporate Development at Sorrento Therapeutics, Inc. since April 2014. He serves as the Director at iOx Therapeutics Limited.
Lurking in the background and linked to these companies is Jim Mellon, in person as a director or through one of his investment vehicles (FFWD is one).
This all ties in nicely with the way this deal has been brokered. As a whole group (inc. the Canadian company Portage) they have a special place in Cancer treatment technology that is being proved to be effective in trials.
It is the right people in the right place, doing a good job.
No surprise to see Declan Doogan on the board of Intensity Therapeutics as well as Portage and the forward-thinking Jim Mellon has his finger in many new innovative technology and development companies.
Looks like a good team being assembled for future growth.
Yes, this article suggests that Portage do just that : https://seekingalpha.com/instablog/49294679-soulstring-report/5176333-portage-biotech-ptgef-distributed-160-million-shareholders-can
Shame - thought it may breach 100 today. AIM at it's best.
Don’t worry, market will catch on.
I would read FFWD RNS 19th July. People may realise just how highly FFWD prize their holding in Intensity Therapeutics.
Here’s a clue FFWD hold under 2% SALV hold 8.5%
Good question. Should be 110 minimum
The ticker for Portage Biotech Inc. is PBT.U and has been listed un the junior Canadian Stock Exchange since 2013.
The highest share price since trading began was on Sept 29th 2017 when it reached US$0.66 and closed at US$0.62, it's 12 month lowest was US$0.052, so is today roughly trading around double that.
It successfully floated off Biohaven Pharmaceutical on the NYSE and the current price is US$33.61 and Portage is still the parent organization.
So perhaps the essence of this deal is to do the same with SALV and greatly increase it's MCAP (the directors have said they have been greatly disappointed by the company's SP performance on AIM to date)
With guaranteed funding, there is plenty to think that the deal will benefit all shareholders with plenty to look forward to.
Excellent news!
£1.41 for every share of SALV. Still pretty undervalued.
That's a balanced point of view. In that case I'm likely to hold back and see if this drops over the coming days.
That is one of the considerations - if you see portage SP fall today, it strengthens the proposal - $67.5m is the consideration and number of shares should change depending on Portage SP, but flooding the market with that many new shares in Portage with so many eager sellers could mean you wont get full value - if it was cash - it would be far safer
You are missing the fact that you are not getting cash but shares in a relatively illiquid company, the share price of which will adjust downwards to reflect the huge issuance of shares to buy these assets
Theres a few considerations to take into account but can't see too many issues in getting close - buying would probably double your money in a month
Exactly, so these shares are worth £1.50 all day long
Nm
Cut -Off is 6pm on 17th September in RNS (DEMERGER DATE)