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:-)
C11,
Of course it's not "welcomed". But some will (and have) acknowledged it's true.
AB,
My thoughts exactly. If MODI works this is a billion dollar company. Even TD with their ultra cautious, risk adjusted, future projected, fully diluted valuation of 24p per share is miles away from where we are at the moment. Surely that confirms the SCLP story is just not getting across to investors - even mushrooms like us?
Still if you are a LTH who does get the story it doesn't really matter what the day to day sp is. And, if you have spare cash you are willing to chuck in , the low price is doing you a favour.
Just don't call me a fun-guy! (fungi? - oh never mind)
Maybe C11 with your statement,
"Well, I guess if anyone believes they are being treated like a mushroom, why are they even here!?"
Perhaps you're inching towards the reason why the Company with World Beating science is currently trading at a bit above 13p after ten years of R and D and no commercial deals. Not only that, they currently have four trials in operation and perhaps six months to indications of IP being proven.
It suggests to me that something's not as it should be, but then this is AIM.
Beyond that as the SP seems to be at such a disconnect with the suggested value of the combined IP perhaps there might just be a gap in the value of the BOD (in some of it's required expertise).
Hopefully the Data releases IDC will bridge that gap and the true value will surface .
I do hope so.
AIMO
Am sure your being fed **** by Scancell comment is welcomed by all investors Ruck.
Oh the irony LOL!
The kept in the dark mushroom being fed **** who doesn't know they are!
Sorry C11, let's move on we've done that joke to death already.
I'll tell you why I'm still here. I have had a substantial amount of cash tied up for 10 years in this company. I have managed (just) to keep my average to 12.5p. So it looks like I am at break-even? No - because of the missed investment opportunities elsewhere. So an SP of 28p would give me a 8.5% pa return. Not a lot for a long term high risk investment is it? So I'm waiting for 50p which will give me a 15% pa return.
I don’t believe I am Ruck.
Keep digging.
C11,
I don't know - why are you?
Well, I guess if anyone believes they are being treated like a mushroom, why are they even here!?
"Like I said, each to their own."
Yes, some people like to be kept informed and some are happy being kept in the dark and fed s***!
Like I said, each to their own.
C11,
"That’s all you’ll get."
Which I think is pretty much the point a lot of people have made over the years.
Have you looked at the website?
Home page - full of scientific stuff
Investor page - Just the share price and links to reports and presentations.
You have to really hunt around for anything mentioning shareholder value (there's a sentence under corporate governance)
Absolutely nothing resembling a mission statement.
AB - have a look on the website.
That’s all you’ll get.
AB,
"Wouldn't disagree but at what point does the CEO decide that the part of the IP subject to offer is "Fully Valued"?"
They can't decide - which is why they need to put it to shareholders. Vulpes and Redmile having bought in around the 7p and 10p level respectively may well feel 60p is "fully valued". If they accepted an offer around that level I'm afraid PIs won't have a say.
C11,
"Personally, I have set my sights somewhat below wanting to, needing to and indeed perhaps expecting to know everything that is discussed in the Boardroom of an AIM listed Company."
I don't want to know "everything" that is discussed in the boardroom either. But as shareholders, surely we are entitled to know whether there is a plan to compensate us for 10 years of giving them our money? If the plan is another 10 years of medical research and no commercialisation I'd rather know now.
Not sure how long you have been invested but some of us could have competed in 2012 Olympics LOL.
ATB
Personally, I have set my sights somewhat below wanting to, needing to and indeed perhaps expecting to know everything that is discussed in the Boardroom of an AIM listed Company.
However, this is my personal investment approach and each to their own as they say.
RR
Wouldn't disagree but at what point does the CEO decide that the part of the IP subject to offer is "Fully Valued"?
I make my point as the discussion about how long the existing cash lasts is far too simplistic when taken against Scancell's lack of presentation of its long term business plan.
Let's be honest, when the majority of LTH got involved in 2012 there was a very clearly announced mission statement.
Ten years later there isn't one.
Maybe now's the time to let the shareholders know whether we are reactive/proactive or somewhere in between on the search for buyers for our IP/Company.
Or maybe in simpler concept, what is the plan for Scancell as seen in the BoD's vision, Short, Medium and Long term?
AIMO
AB,
If the offer was for 10p per share, I'm happy that the BOD rejected it on my behalf.
If it was for £1, then we should be given a say.
Surely the funding question is secondary to one such as,
"At what point will the BoD as led by the CEO decide that an offer is acceptable?"
It's all very well having a reducing cash level with attractive IP but what we don't have (as shareholders) is any control (hence ability to judge timings) over the acceptance of Offers/Deals for any part of the IP.
Why do I say that?
I'm sure I read somewhere that someone had spoken to LD who stated that an offer received was insufficient to be accepted.
As a shareholder I don't remember having anything put in front of me for my vote.
If that is the case then at what point does any offer be presented to the shareholders (should the object product not be considered to have reached maximum value by the CEO/CSO.?).
If that were to keep happening (and we all know that the CSO has a personal involvement in the entire IP of Scancell) maybe deals are further away than anyone can judge.
AIMO
Morning C7,
You wrote..
"What has surprised me, very little does, that after 3 good RNSs some are forcing concerns over funding again when there are none."
I guess this was in response to:
"I'd appreciate a comment regarding the cash situation. Where do we stand? Can trials can be completed without recourse to another placement?"
I took this as a genuine question rather than "forcing concerns over funding". Funding is just one of many considerations if you are looking to invest - 1) because if a company runs out of cash it may fold and 2) if you need additional funding the existing shareholders get diluted.
I thought the responses to the question were quite reassuring.
moonparty did a straight arithmetic projection based on last reported cash in bank and previous six months spend and came up with just over 2 years worth of cash. I was slightly more conserative (as I usually am!) and factored in higher spend and came up with just under two years. KonarA pointed out the possibility of a deal within the two years meaning that cash burn would not be an issue. As I said, all very reassuring.
I think as investors, the question we need to ask is not "how long will the cash last" but "do we have enough cash to last before a deal is done". I believe the answer is yes and I also believe that the longer the cash lasts, the better the deal can be. Don't forget, aquisition negotiations can take a long time - sometimes years. Perhaps the negotiations are taking place now and are well advanced - who knows?
Anyway, an ultra conservative view tells me we do have enough cash and we should be trading at at least 24p right now (as TD have stated)
ATB.
@c7 I guess the main point I was trying to make was that funding isn't the risk. Product success (or not) is what's important now.
Here's an omen :-)
The England cricket team were well and truly in the doldrums at the start of this season.
But in the series just finished they played fantastically well in the last innings of 3 separate matches. They won all 3 matches in style.
Now Scancell have 3 trials going and the SP is in the doldrums .............what will happen next?
Konar, an excellent post, not sure I agree with every comment as it depends on so many things and data.
What has surprised me, very little does, that after 3 good RNSs some are forcing concerns over funding again when there are none.
For me I am delighted that we are where we are by H1 2022, LD is sounding super confident and staffing levels continue to rise with exceptional qualifications. I am not frustrated as at this time as I am happy and content with how things are developing, and now looking forward to our Covidity updates.
Good luck guys, goodnight
It's not worth considering the cash position and burn, without also considering the position of the company. We now have effectively 4 products in trial (SCIB1, Covidity, MODI-1 and the Avidimab platform through the covid trial). All of those trials are expected to deliver significant news/progress within the timescales of the current cash position/burn, with Moditope potentially being a whole industry disruptor. My continued investment is on the basis that any one of these products can generate a commercial deal prior to the money running out. If the money ran out without any of them generating a commercial deal, then that would "likely" be down to them failing to perform to expectation in the trial. In other words, it does feel to me, like it is now or never with the cash position. I can't see any major fund raising requests being supported down the line.
HRG,
I'd be slightly more cautious than moonparty. Although the operating loss was £5.4 the total development and administration expenses came to £5.95. The expenses have been rising for a while and given the trial activity will increase (we hope) and given the recent recruitment, I personally would factor in a 6 monthly cash burn of around £7m. That will provide cash up until March/April 2024 - just under two years. AIMO.