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.. by pedantry and semantics.
Ray, Chester,
I agree. Unfortunately the benefits of the cash raise, the fact Redmile have become investors, how the cash may progress the company has been overshadowed
I couldn't have put it better myself Chester.
Another point is that the dilution vs IP should be applied retrospectively not at the time of the cash raise.
We simply have no idea what will happen in the next two and a half years the money has bought us.
The naysayers would say nothing since Scancell is a lifestyle company.
I do think you are going about problem in an emotional way, the word 'dilution' meaning that something is weaker in force, content or value.
If we break Scancell down into platforms and ascribe a value as if they all belonged to other AIM listed companies.
The Original 'SCIB1' : when Sclp first listed the value was all in this platform and the amount of shares were limited ( 200m ) therefore they acquired a value of 60p at their height.
Now let's value Moditope in isolation as if this was from AN Other Pharma and the they have issued 200m shares at 20p.
Now we can add Scib2 which we can ascribe a value of at least £5m as this is the cost saving by giving it to CRUK to develop.
Now we buy some shares in a new company who have developed AvidiMab and they issue another 200m shares at 10p.
Now we also have another company that is developing a possible TCR with Biontech and the also are in collaboration with the Karolinska University in Sweden and have just patented a platform to use a bio - illuminated mAb to target cancer cells to help surgeons perform better surgical removal of said cancer cells.
They issue 100m shares at 20p.
So in a nutshell each time Scancell has given us for FREE another potential platform the IP value has risen. The fact that the markets or the world do not know how many Aces they are holding is not our problem.
Your interpretation of Dilution is not relevant, all we should be concerned with is what is the increasing potential worth of all Scancells IP, Patents and Approvals once proven......
Your honour I rest my case.............
CHester.
If you are going to use the increased cash in hand to argue that there is no dilution then you have to accept that dilution is ongoing as and when that money is spent.
And if you are using perceived value of IP in the equation, then as that hopefully increases you would have to say we are being de-diluted ("concentrated") - but I have never heard that term being used.
Bottom line for me is, the possible ultimate sale £value of the whole company, or individual lines, has not increased, but I would get a smaller share of it now. That's dilution as far as I'm concerned. But I accept that the extra funds were needed to progress research and trials, so I'm even happier with my investment now than before.
ONW does NOT agree ......... that is his post .. !!! why are you ignoring what is in Front of YOU
You guys are so desperate to prove me wrong ..... yet you fall flat on your face every time
produce the model ......... or Go away and stop pontificating
Inanaco
I don't need to provide a mathematical model to know that I own a smaller percentage of Scancell today than I did last week and that my holding has been diluted. I am sure ONW would agree. The value of that holding and any increase in the potential value is a completely different point - that relates to the impact of the funding and the dilution, but nobody can deny it has taken place apart from you it seems.
I give up completely - absolutely pointless
everyone has there own ideas of what dilution =
but the biggest question has it affected the value of your holdings ...... my Maths say ""NO""
and that is as far as i am now prepared to discuss it ...........
and this is the reason Why
Bermuda
Tf
Tosh
lozan
Gazza
could not produce a mathematical model that include "all"
The whole
The Ip
The Cash
The shares in issue
The shares to be issued
same again Bermuda ............ the weighted value of the holding of calculus has not changed ... they own less of a bigger company
any fool can add up the number of shares .......... before and after
and only play with those two numbers ....
but missing from your equation is the size of the whole ......... and the missing £14.1 million
so you are pushing Your Propaganda based on the correct Maths but the wrong Formulae, because it fails to take in the Value of the whole and the cash and how that relates to the IP ...
read ONW's post it directly describes my post .. done all those weeks ago
Inan, 'd' being 45% if the CLN's are converted at 6.2 pence ? Have you checked the sum ?
BTW 'Haw Haw' was strictly propaganda - (that's you) - whereas I have been trying to pin a simple fact on the wall, (despite the toys flying around).
Bermuda I used Calculus figures to crosscheck my sum - 'd' being 38.5% ?
E & O E
Crackin - ha ha
Chelsea - agree
Inanaco - have a look at Scancell's website which has now been updated to reflect recent events. Calculus didn't take part in the OO and still hold 49,844,165 shares. Before this round of funding they owned 10.71% of the Company but today the same amount of shares gives them just 7.92% - their holding (not the IP) has been diluted. FACT. Now would be a good time to accept that dilution has taken place, put the funding behind us and move on.