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WTP
Re. share options, don't get too hung up on the exercise price - it's usually simply a reflection on the average share price over period at the time they were granted. Nearly all, if not all of share options granted to Scancell directors are linked to certain performance targets. If they meet those targets then they can exercise those options by buying at the exercise price. If they don't meet the targets or decide not to exercise the options by the end of the exercise period then they will lapse.
The 4.5p options are a bit of a special case. Back in 2010 LD and RG were granted options over 385k and 288k shares at an exercise price of 45p - ( becoming 3.85m and 2.88m at a price of 4.5p after the share split in 2011). The exercise price was just set at the same level as an open offer in March 2010. They could only be exercised if the BOD managed to secure a deal for the sale of the Company for a figure in excess of £25m.
These options should have expired in 2015 but unusually, were amended to extend the exercise period until July 2020. The performance criteria was also amended at the same time. If they aren't exercised by 14th July then they should lapse.
its significant if you look back over history as these options granted back in 2010 approx when the sp was about 6p when it floated on Aim prior it was on the plus market at 60p approx but they did a share division by 10 when they floated.. they linked to a sale of scancell .. which subsequently got changed to a SP level as the aims of the company changed
Hi @Bermuda,
Where you say "I don't know how we ended up talking about share options but worth noting those 4.5p share options expire next week."
Would you mind explaining in laymans terms the significance/implied signifincance if the these 4.5p options are excercised before the expiry or not excercised (i.e. allowed to expire). And the significance of the option being lower (but close) to current market price. Thanks.
so best to consider how you can best take advantage of
"""So you may also want to question the market why it values the company at this ludicrous level""
rather than fighting it .....
ATB
Inan,
Yes I think I might be over expecting. Here are some more over expectations:
The SP will get to 15p (break even for me)
We will get a patient dosed on the SCIB1 combo trial this year.
The SCIB2 might start
MODI1 will begin human trials.
We might be given any information on any of the above.
Anyway, I think we’ve done this one to death, shall we move on?
pointing out the BOD do have an incentive towards the SP >>>>> so why would they deliberately evade communication ? or not make and effort to communicate .. leaving shareholders unloved ... ?
just maybe some are over "over expecting" information ....
Inanaco,
I don't know how we ended up talking about share options but worth noting those 4.5p share options expire next week.
anyway time for Cricket ..........
suns out
this is from memory Bermuda will have the numbers ........ the vesting of those shares requires an SP of 22p ... min
interesting that David Evans used that number .... 22p
Are you going to kick off the “ludicrously cheap” discussion?
does it need a title ?
Richard and Lindy ..... had an enormous incentive to raise the Bar of the SP ... ie 7,000,000 share options at 4.5p
this month .. i am sure Bermuda has the dates
it works both ways ....
"""So you may also want to question the market why it values the company at this ludicrous level""
Inan,
“. and trying to divert blame onto Scancell for the SP is wrong ... for a start they have no control over it ..“
I think blame is a bit strong. But the BOD do have a responsibility to the company and Its shareholders.
Of course, there are factors outside of their control - the Ichor issue, Coronavirus etc. However, management is about controlling the things you can effectively and mitigating against the things you can’t. I see communicating with shareholders part of that mitigation.
Are you going to kick off the “ludicrously cheap” discussion?
The Options have an exercise price of 8.15 pence each and will vest twelve months from the date of Grant.
Diggles sold some of his trading Pot ..........
1,500,000 Ordinary Shares
8 pence per Ordinary Share
..................... you cannot say that Scancell directors are "profiteering" .......... with an Option set at 8.15p
“ for that you have to look at yourselves ... as each of us make up the market ...”
Well I haven’t influenced the market in over three years. If everyone had done the same we’d still be at 10p.
well Ruck its my opinion it is correct .............. and trying to divert blame onto Scancell for the SP is wrong ... for a start they have no control over it ...
Directors have given up salary in exchange for a higher share price option which They have to pay for .... 8p i think
"""So you may also want to question the market why it values the company at this ludicrous level""
for that you have to look at yourselves ... as each of us make up the market ...
Ruck, that is what the discusion started with, I too think Scancell could communicate better, not sure anybody would really disagree with that
Inan,
“ and how do we do that exactly ??”
It’s a very good question so I have started a new thread to discuss.
Chelsea,
It is my opinion that Scancell could communicate better.
If someone else’s opinion is that Scancell communicate perfectly, that is a contrary opinion.
There will, therefore be disagreement.
Parties will then attempt to reinforce their position. That is called an argument.
It’s just the way it works I’m afraid.
The alternative is to roll over and surrender.
I am quite happy ... ............... after all if You consider Mhighbars intervention helpful ... then i will pick up the only point of value which was this .....
"""So you may also want to question the market why it values the company at this ludicrous level""
of which my reply was
and how do we do that exactly ??
ATB ...............
Inan,
I said he made SOME good points (as did a number of respected posters)
I didn’t say I agreed 100% with every nuance!
Like I have said it has been a good discusion this week only blighted by the constant arguing between the same posters. Don"t think it has been a case of whois right, just an opportunity to consider different opinions and I have found in many cases it has served to firm up my views which I hold already.
As to whether there has been too much negativity, well we ttracted many newbies this year and since the COVIDITY announcement, we did well in getting the media we did, and many bought as well because our M/Cap reflects that of a start up, I think it is fair to say the discussion has been limiTed unfortunately to a warring band of LTH, save for some excellent posts from Michaelhighbar. Struggling to see the attraction for newbies though, so yes inanaco has a case for mentioning the negativity reflected in the SP, I just wonder whether most of the worst negativity is just aimed at Inanaco from past battles here, that I am afraid does nobody any favours here.
... so you raved about the post .......... now you are distancing ... ?
Inan,
You need to try and separate the sentiment of the BB from that of one individual (Michael).
Inan,
“maybe Scancell is streets ahead over vaccine development as well, thus its input into this collaboration maybe far higher than we first thought ... that is called "Value Added" “
Two big MAYBEs in that sentence. Also, you have to have some value for value added to work.
lots going on .
really Ruck ...
so this was not posted .....
""""The aim of my post was to see to what extent other investors had similar thoughts about issues related to the overall management style in order to bring them up at the AGM in a concerted way. """" M.highbar"
another figment of my imagination .... suppose that was like yours over the £10 share ...