We chatted to IronRidge Resources' CEO Vincent Mascolo who explains why the company has become a lithium explorer. Watch the video here.
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Because they will miss the deadline to complete a RTO of their intended target, the AIM registration will cease.
Unless the RTO is into a listed company into which they intend to reverse there will be no representation on AIM or other trading platforms, so Salvarx will become a private limited company with value, but not tradeable except by matched trades.
With no payment received from the Portage buyout and with their suspension preventing the issue of certificates, it has become a complete shambles, to say the least.
When there is any chance of monetary value to be achieved is anyone's guess, it just continues to show a black hole in my portfolio where there shouldn't be one.
Would appreciate some feedback from Jim Mellon who orchestrated this debacle.
Cancellation of trading on AIM / Potential acquisition
SalvaRx provides the following information regarding the admission of the Company's ordinary shares ("Ordinary Shares") to trading on AIM.
As previously announced, following the suspension of the Company's Ordinary Shares from trading on AIM on 9 July 2019 ("Suspension"), if neither a reverse takeover nor re-admission to trading on AIM as an investing company under the AIM Rules are completed within six months of the date of Suspension, then the Ordinary Shares will be cancelled from trading on AIM pursuant to AIM Rule 41.
As noted in the Company's interim results for the six months ended 30 June 2019, the Company has been evaluating a number of potential acquisition opportunities. The Company is now pleased to announce that it is in advanced discussions with an acquisition target which is a leader in the field of oral immune therapies. Should this proposed acquisition proceed, the Board of SalvaRx anticipates making a further announcement early in the new year, setting out full details of the transaction.
Despite efforts to conclude a reverse takeover before the cancellation date, it will not be possible to conclude the proposed transaction before 10 January 2020. On this basis, the cancellation of the admission to trading of the Ordinary Shares on AIM is expected to take effect from 7.00 a.m. on 10 January 2020.
What the implication will be when canceled I have no idea. Another listing?
Salvarx plc results posted for 6 months until 30th June 2019 show an upbeat report with profitable trading income of £11.4m on investments and cash reserves from proceeds of the sale of 94% Salvrx Ltd (net £53.1 million) to Portage Biotech.
This helped the firm jump to a pretax profit of £61.3 million from a £190,000 loss a year ago.
Whereas on 28th June 2019 it had reported losses widening for the full year (2018) from £2.2m to £3.4m and this took into account the sale to Portage.
Something is not right here?
I am someone who is still waiting to benefit from the demerger sale because Barclays (despite numerous requests) I cannot obtain Portage share certificates to trade (not allowable in my ISA), again complicated by both Portage Biotech & Salvarx plc currently suspended on their markets, whilst they are able to trade and prosper at no benefit to me although I am a shareholder in both.
Am I to be in limbo until both decide to re-list or is my investment lost forever in the mire of uncertainty whilst the directors benefit at my expense?
Not sure if any of you guys are still viewing the posts here. Either way update below i received yesterday..
I wanted to write to you, further to my previous email, to provide you with another update on the SalvaRX Group Plc Corporate Action.
Regrettably, since my last email a Cease Trading Order (CTO) has been implemented by the company which has affected the registrars response regarding the re-registration of your Portage Biotech holding.
To keep you updated, we have been advised the stock is under a "Cease Trade Order" which means the asset cannot be traded on any exchange/market. On this basis, the registrar has rejected our request to re-register these holdings based on the CTO being active. I appreciate this is not the answer you were hoping for.
To explain, we challenged this with the Chief Financial Officer of Portage Biotech and managed to achieve sign off for the registrar to complete our re-registration request. On 23 October 2019, the registrar was checking with their internal compliance department and the request was not yet completed. Be assured, we've chased the registrar for updates and completing your request remains a priority for us.
The registrars have since advised they require a legal affidavit in order to progress with our request to re-register your Portage Biotech holding. We have therefore referred to our Legal Team to provide this on our behalf. Unfortunately, due to this new information provided by the registrar, we are unable to confirm when you shall receive your certificate.
That being said, I will continue to provide you updates, once available, until you are in receipt of your Portage Biotech holding.
TORONTO, Aug. 26, 2019 /PRNewswire/ - Portage Biotech Inc. (PBT.U, OTC Markets: PTGEF) ("Portage" or the "Company") is providing an update on the status of the filing of its audited annual financial statements for the year ended March 31, 2019, accompanying management discussion and analysis together with the related certifications (collectively, the "Annual Filings"). The Annual Filings have been completed but are currently being reviewed for quality assurance by the Company's auditors. The Company anticipates that final approval and posting of the Annual Filings on www.sedar.com will be completed shortly.
As a consequence of the delay in the preparation of the Annual Filings, the Company also announces that the filing of its financial statements for the three-month period ended June 30, 2019, accompanying management discussion and analysis together with the related certifications (the "Interim Filings") will also be delayed and not released as required on August 29, 2019. The Company expects the Interim Filings to be filed shortly after the Annual Filings are filed.
On August 2, 2019, the Ontario Securities Commission (the "OSC") issued a Failure-to-File Cease Trade Order against the Company on (the "FFCTO") as a result of the Company's failure to the Annual Filings by the prescribed filing deadline of July 29, 2019, as required by National Instrument 51-102, Continuous Disclosure Obligations, and NI 52-109, Certification of Disclosure in Issuers' Annual and Interim Filings, respectively. The FFCTO remains in place.
The Company reports that since its news release of July 31, 2019, there have been no material changes regarding the information contained in that news release. Further, there is no other material information concerning the affairs of the Company that has not been generally disclosed.
You're right Jesterman, the whole Portage debacle has been an administrative ****-up. The fact that seven months down the line we still can't trade our Portage shares is ridiculous. Some shareholders have a share certificate, some (like myself) have been told that a share certificate can't be issued and have nominee held shares which can't be traded. And there is no information as to when PTGEF will be tradable on a major exchange. Very frustrating the whole thing.
Just been on HL's site to see if Portage shows up for trading; As far as I can see it will only list Portage (PBTu) which is on the Canadian Exchange. Unable to find Portage (PTGEF) which is on the American OCT market. Since I like many others (I am with II) have been informed, the shares are as far as I can work out, American OCT (PTGEF) which II clients have been informed that they are unable to deal on this exchange and like others on II have been informed that a share certificate will be issued within a few weeks.
This whole issue regarding Portage has been an administrative ****up, to say the least.
Can anyone provide any clarification that these (American OTC shares) can be dealt?
I am at a loss. Think I will go lye down in a darkened room !
Further correspondence from Barclays received this morning. This has been ongoing for 6months now.
Your Complaint- Transfer
Thank you for your email on 11 July. You are absolutely correct, we did receive certificates in April from Portage Biotech, however we are proactively trying to establish a way we can register the certificate in your name and have experienced issues contacting the Canadian Registrar to offer some clarity on this.
We have since established that we may be able to apply for a Medallion guarantee stamp but are aware there is a US legend restriction on the stock which may prevent the re-registration and therefore, need clarity.
Please note, we have been chasing this consistently and unfortunately have struggled to get the answers we are needing within a timescale we would like. I will be contact you as soon as we reach a solution.
Thaks Dougie999 and Jarcon.
Im still waiting for my Portage share certificates to be issued by Barclays Smart Investor, I have to say the demerger has not been a adminstrative success by Portage and or the Brokers.
There is a rel lack of RNS on what the next play is by Portage and where they might list?
i have spoken to II and they have said that once the share certificates have been sent out you can wait until portage deal with a market they deal in and they will arrange free of charge or deposit them with a different broker. when will we see some action here??
I'm in the same boat as you with II,
it's why I asked Mike who he sold his shares with earlier.
I believe HL can trade them, though not 100% on that - thinking of opening another ISA with them and transferring the shares tbh.
If anyone has better ideas out there I'd love to hear them.
Morning all, i have received a corporate action notification from ii stating that they cant hold Portage shares as they are not listed on an exchnage that ii support. This is frustating as i moved my holding from Barclays smart investor to ii so i could trade this stock. Anyone else had this notification and what platform can you trade the stock on?
PORTAGE BIOTECH IN NPV
Demerger update - Portage Trading Status
Further to our notification dated the 19th February 2019 regarding the demerger of Portage Biotech Inc. from Salvarx Group plc, please be aware that the resultant Portage Biotech Inc. stock is not listed on a stock exchange that we support.
As the shares are no longer trading on a supported stock exchange we are arranging to issue you with a share certificate in relation to your holding. Please note this process may take a few weeks, as the share certificates will need to be issued by the company?s registrar.
Only been one Portage sale since the middle of last week. Some poor soul mad mugged for 40,000 shares at $0.80. Dear oh dear...when will these fools learn not to sell just before the fireworks!! It’s lije SALV all over again when a few punters listened to me and almost doubled their wealth overnight. The next move will eclipse that.
That’s a bit worrying Mike! No sign of any takeover with Portage!
Website says. Stock-portage assisted sale. Type-takeover
I’m with x-o. Yep they did it without my say so.
Well I don’t think our uplist is far away now. Just had comms with the Sentien board to say that a company update has been sent to Portage. Expect an uplisting to coincide with financials...later this month possibly. Should do the usual 250% on uplisting and more on a full portfolio update. I can’t wait....I own 0.2% of Portage!!
You sold them by telling them to do it, they didn’t do it automatically did they without your say so
Good afternoon Mike,
who did you hold with that enabled you to sell?
(if you don't mind me asking)
Shares have been sold, 100% profit.
Many thanks - looks good!
Assuming no updates the holdings from Portage website are:-
Anyone know the latest portfolio constituents %, particularly PTGEF/Intensity, thanks.
Bit quiet here but that’ll change in the next fortnight or so. Plenty of chat on twit her under $ptgef for those interested.
Have announced clinical collaboration with Merck