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AB so what would you have done?
Yes vulpes we will turn this transformational offer of £17 million down because well because for your needs... and please don't sell any more and sink our sp out of the blue as it is rising again.
AB, I have only comments to make on resolving this issue, which is easily done.
Different agendas often occur even in FTSE companies, or should I say particularly in Footsie companies. This is a huge investment by Redmile, one which the BOD have wanted for some time, can I see why Vulpes would prefer another way to their benefit, then yes, but not to us.
Chelsea 7 you did ask me,
AB, ask yourself a question, why would Vulpes not welcome Redmiles investment???
I set out why earlier. Redmile played a better game than Vulpes. They swallowed Vulpes control and diluted them out of sight. Sadly they did that with the agreement of our BOD. The vote (if it was Vulpes against) demonstrates precisely why the no voter did not welcome Redmile, even though the BOD did. I see little room for a happy coexistence of the pair of them once the No Voter is beaten. I see a potential problem with a big share overhang an inabilty of Redmile's to buy them out directly.
Chelsea7
Does your response mean that you don't see any problem with the handling of the current funding?
AB, ask yourself a question, why would Vulpes not welcome Redmiles investment???
My answer, because they had plans for a series of dilutive fundings to increase their share in Scancell, and quickly excersised their right with the CLNs to increase there voting rights. One thing everyone is alligned on is getting a great return on their investment, does it help PIs in general to see Vulpes increase their holding on the cheap?? No, I don"t believe so.
No AB, thanks for replying. Hence we have an adjournment to correct the situation.
AB vulpes took were happy to support and took part in the 13p OO.... that they cannot for whatever reasons support the 17 mill redmile extras via convertibles does not mean they do not still want to be here....I'm sure they will get over it.
Lindy wants her millions that she could turn into billions in value...
Chelsea7
Thankyou for your reply. Do you see no problems with Scancell's handling of their funding vis a vis the conflict now apparent between two major investors?
Moonparty, absolutely correct. The failing is with me and others for not taking the voting seriously, which I believe now will give us the majority.
AB124........................"" Do you really believe that Vulpes introduced them to Scancell as a Plan B was it?""
No I have said before and today that I don"t believe that is the case now, and no I don"t believe there will be a large block hanging over the market at all. There is more interest in Scancell than you would ever believe. Let events unravel and this is not the first time that any company has a situation where shareholders become unalligned with one another. Indeed there stake could become very useful to a further investor.
AB,
This kind of thing happens all the time. If funds went around holding grudges the whole time when they get diluted in the next round they would never be successful.
Vulpes have been diluted at a much higher price after all, so they shouldn't be that upset.
This is not a massive failure of the BoD, as you seem to think, but just normal AIM fundraising business. Vulpes have done well so far and will continue to reap the rewards if Scancell performs as expected.
You can't blame them for trying to retain a bigger piece of the company, but if they have any sense they will accept the outcome of next week's vote with good grace.
Chelsea7.
Sadly the BOD are the people who allowed this to happen. I see many many times over the years the rationale that everything will turn out all right in the end.
This situation is crazy. They have an investor who stumps up cash when the shares are on the floor and then invite a much larger fish in who can swallow the first investor whole. that is what's happened, simple as that. the first investor cuts up against the second who has diluted the first out of sight (with the BODs) aquiesence.
How did this happen? Now we have a large block of shares which will potentially hang over the market while the company scrabbles for data which so far has yet to be forthcoming.
I applaud your loyalty C7, but I suggest you look at the current situation and have a think about how it was allowed to arise. These are the people who you think will progress the company for our benefit?
Looks to me like Redmile holds ALL the cards now.... Hope they are as benevolent as you suggest they are. Do you really believe that Vulpes introduced them to Scancell as a Plan B was it? Hopefully they have a partner ho can buy out Vulpes... or something similar. I'm sure there are some others who are not quite as forgiving ....
Maybe?
AB124, have to say you couldn"t be more wrong IMHO, where you are right is............."".It will be interesting to see who is going to be the sacrificial lamb in this fiasco. certainly it is necessary to demonstrate to the world that the architect of today's events will pay the price for such a demonstrable lack of vision""".............well that will become apparant very soon IMHO, and possibly leave a vacant seat on the BOD, but where are wrong is.............."".I will want to see what the BOD say is the way forward before anyone gets my vote""....................they have never needed your support more in this instance, all will be revealed as protocol allows.
I am now really concerned about the BoD's ability to negotiate multi deals across multi platforms since they cannot seemingly welcome significant investors to the party whilst keeping all major Holders on side.
This is a massive failure of Corporate acumen and really should never have been allowed to happen. Perhaps this is the reason Scancell have never yet closed a deal. Whoever voted against has a significant shreholding which will cast a shadow over the SP unless a deal can be done to transfer the holding to a new investor r investors without acrimony.
It will be interesting to see who is going to be the sacrificial lamb in this fiasco. certainly it is necessary to demonstrate to the world that the architect of today's events will pay the price for such a demonstrable lack of vision.
I will want to see what the BOD say is the way forward before anyone gets my vote.