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Bermuda, the only reason I brought up Zakari Therapeutics in the first place is that it is not mentioned at all in the RNS and Cliff is currently listed as CEO of that too.
Others & Other things
I still have not heard from anyone how Scancell's presentation went at the OXT AGM yesterday... and whether that was an influence on today's news. Which has not been tweeted.
Ivy: Tend to agree with your assessment right now. I had hoped that Redmile might provide contacts for those essential commerical deals.
Re shareholder comms - fully agree that it is overdue by a month. I'm sure the teams are very busy, but if they can present to OXT, they can run a similar but different presentation elsewhere too for the PIs.
The RNS was 'abrupt'.
An out of the blue stepping down of a CEO. No matter which side you fall on, it's positive or its negative, what is important is that the situation is explained more fully at an appropriate time.
A Trial or The Trials are due imminently, MODI 1 application should have been done and Covidity in SA should have been a negotiated priority. We need to hear news on those two at least, then we can judge, was the decision made in haste or out of frustration.
Shareguard - it will be interesting to see what tomorrow brings. Some media from Lindy and a show of support from Vulpes/Redmile would be useful
Jeez - what is so hard to understand?
1) I'm not passing any judgement whatsoever on how/why CH has departed. I was simply saying that if this was all a happy, mutual decision then the communication of it has been poor because the RNS does not paint that picture. It was a quick one liner response to WTP and I have no idea why you're making such an issue of it.
2) I'm actually on the side of wait and see, you're the one putting me on the side of 'this is a problem'
3) I don't 'claim' to know why I've invested here - I know exactly why. What an odd comment
Berm/all i for one am getting a little nervous about tomorrow i dont like 5pm rns i dont like the uncertain outcome from what a 7am RNS brings. I chucked the Zakari issue into the mix because this would be the one to ignite the share price.
The appointment of Lindy as CEO long term not good for reasons Ivy as stated so this 5pm RNS either Cliff going back to Aussie (discounting Zakari theory)or there as been significant upheaval in the boardroom. One last thought Americans do like after hours news so could well be they have instigated this and maybe release a blockbuster RNS tomorrow.
You are spot on as always. At a time when investors have been in a news vacuum for months, hoping for, expecting even news on the SCOV trials in SA, the SCIB1 combo trials, the MODI1 submission we get an after hours RNS stating the current CEO is stepping down (surprising enough) and the new CEO will be the current, part time CSO (even more surprising)
Not too fussed about CH going but a few concerns about the new CEO role. Given tha LD is only part time (let's assume 50%) does that mean we have 25% of a CEO and 25% Of a CSO?
There are more questions than answers and I agree, the whole saga has been handled badly. Let's hope we get some clarification soon.
Berm. Sorry disagree. Why handled badly? You simply don’t know that. Whatever your attempts to justify what you said. It’s doesn’t matter what the reason you simply can’t state it’s been handled badly as a fact. I gave you an out to say ‘IMO’ yet you have now chosen to dig yourself deeper into the hole you yourself dug. You are better than that berm. The fact of the matter is you have chosen to place yourself on the side of this is a problem. Clearly, as I have stated, both vulpes and redmile must have agreed this. So berm. Explain why has this been handled badly? You have not given the bb a clear enough answer. The market will react tomorrow but you seem, as a long term holder who claims to understand why you invested here, to view this as negative. I, on the other hand, suggest you are wrong and that it has not been handled badly and that there is in all likelihood to be a very good reason, which the money agrees, and that it’s unlikely to be a badly handled decision. Look forward,again, to your reply.
GF123 - I'm sorry but that's not right. WTP asked whether this had all been mutual and cordial and I responded that if it was then I don't think it's been very well handled - and I stand by that because the RNS didn't send out that message. IMO.
Balerno - you'd be surprised at how quickly large corporates can move when it comes to 'releasing' directors!
The RNS didn't make it clear whether Lindy's appointment was temporary or not or whether she would continue on a part time basis. It would be good to get some clarity from Scancell.
Yes it has been sudden but small firms are different from large ones. In larger companies, the supertankers take lots of time to turn. Smaller firms are more nimble and coups are by necessity speedy. Hopefully the headhunters have already been active but remember we already have some other key experienced staff who should be groomed and incentivised to take over from Lindy to allow her to do what she excels in.
This is about running a business to commercialise our excellent science.
Berm. I’m afraid you did. You clearly stated it has been handled badly. Ivy has backed you up. You know exactly what you have stated and why it isn’t correct. Hence I felt it necessary to correct you. I appreciate your honesty and acceptance that you were incorrect to state what you stated. There may, obviously, be a very clear a positive reason for this decision and ivys comment just demonstrates the rubbish that can be spouted. Personally the one thing that concerns me is that Lindy is part time. If her influence is that significant, and let’s face it that it must be, given that redmile and vulpes must have okayed this decision, then follow the money has never been so true. ATB
Yes you're absolutely right, I should have added IMO.
Just to be clear, I haven't made any presumptions at all regarding the reason for Cliff's departure.
Miavoce,I am judging her on her time as joint CEO for several years and her skill set I have observed as compared for what that specific CEO role requires.
If she commits to being a full time CEO so she gives up her Uni responsibilities then I will be happy to admit I may have got her wrong but if she adopts it as a part time role and also continues her CSO duties and is not an interim appointment then I feel it sends out totally the wrong message.
Purely my thoughts
Ivy. Utter rubbish. And you know it. Sclp has changed, even in recent months, and I suggest no one should see this as negative let alone problematic to the future of sclp but you guys do like games don’t you?
Berm. Ok point taken. But you have, as absolutely none of us outside the company, any understanding of the reason for the transition decision. As I said earlier we don’t know why this ‘joint’ BOD decision has been made. You have presumed it’s a ‘least disruptive’ reason. It could be personal, conditional on a deal, major shareholder intervention, a failed deal that has ousted him quickly so in short any number of reasons. But handled badly? I suggest you are clearly giving just an option for which there are many more likely scenarios. Maybe you should have stated ‘IMO’ much like you have advised others even today? ATB
Unfair to pre judge Lindy's effectiveness as CEO - she may turn out to be highly effective in getting things moving.
It clearly has not been handled well as no one is clear on the reasoning behind it just people guessing what has happened.
CH is leaving with immediate effect so it is clearly not something that was planned in advance and “ succession planning” for such a key position is a normal waybifvdoingbthings and preparing for the future.
Is Lindy appointment interim or not we simply don’t know.Is she staying part time.Is she moving to Oxford?
Do we seriously believe she is the best long term choice of being CEO when the biggest part of that role is leading SCLP and monetising the science- hardly her forte.
So are you losing a brilliant scientist and gaining a moderate CEO given her previous record.
Has there been a boardroom so at given the sudden departure.
Until we get clarification on what has happened we are all just guessing so I don’t think it has been well handled but guess we will await the market reaction tomorrow and see what the wider world makes of it
Since you've asked, I'll give you an honest reply.
Firstly, my comment should be viewed within the context it was made - an answer to a specific question from WTP in his 20.59.
In my experience, both professionally and as an investor, when there is a change in the leadership at the top, the best and least disruptive path is a smooth, pre-planned and well executed handover of power. An out of hours RNS announcing the sudden and immediate departure of the CEO and a replacement with the CSO does not suggest that has taken place. If it has then the RNS certainly hasn't conveyed that message and that was the point of my comment in reply to the question from WTP.
Berm. You do frustrate me as someone who is a LTH of Sclp and someone that understands why you invested. Prey why was this not handled well? The board have chosen collectively to replace CH with immediate effect. And they posted an rns at 5pm. What part of that has not been handled well? I’ve seen you pick people up for what they state often so please take the time to explain to me why you have spouted such rubbish. Clearly there is a reason for this decision. Sclp don’t need to explain why but I seriously fail to understand why this isn’t handling it well. I look forward to your answer. ATB
Sorry but I just don't believe Cliff will be involved with Zakari. The RNS made it clear that he was stepping down as CEO and board member of Scancell and IMO that must surely include any subsidiaries. He may still be listed at Companies House as a director of Zakari but he's also still listed as CEO of Scancell - there obviously hasn't been time yet for Scancell to register the changes.
Also this was the last sentence of the main body of the RNS from John Chiplin:-
'"We are very grateful to Cliff for all his hard work over the last three years at Scancell. The Company is now on a sound financial footing with the infrastructure in place for the next stage of its growth. The Board and I wish Cliff all the best for the future."
Sounds pretty final to me and would be more than a little disingenuous to issue tonight's RNS and then appoint Cliff to run Zakari.
Ah sorry, missed that, thanks sharegaurd and LL.
But still, maybe today's announcement is so he can focus solely on Zakari? Only time will tell.
The plot thickens would be an understatement atm.
Yes but look under occupation ceo
Ah ok. But I thought they were all listed provisionally as directors?
WTP, Holloway is already listed as CEO of Zakari. I expect we will hear tomorrow.
And WTP that is the other possibility! lol scancell what fun:)
Again I think the strongest part of today's RNS is the words of the BOD members and yup like all texts totally open to all kinds of interpretations... however, to me it does sound like Lindy taking the reins .... reasons why could be multiple but inherent in it to me is her view of the worth of her techs.....
Be interesting how this Zakari now plays out though.....will it be something or will it disapear