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Surely this drop is mostly down to a slight retrace, profit taking from pi's, and not solely down to the fear of warrants. They aren't a hidden secret that's been sprung on us by surprise. Usually any reaction in sp is when they are issued along with the other terms of the placing. Reaching a price that makes it attractive to exercise them means the company is now stronger than it's ever been. No warrants would have probably meant no takers on a placing and no Rinocloud amongst other assets. Even if they were all sold the news we're expecting will swallow them up in days. I look at it this way, today we have just received enough cash to pay a third of the loan we've just taken out.
“mates rates”
Sandyp. have you popped £571k Into the co. bank a/c lately?
Co. name info is quite fascinating
@Matt, I have been informed that the change to the Annual Report has been made and uploaded. I have checked to see myself, so warrants properly priced on Page 58 here https://www.integumen.com/wp-content/uploads/2020/08/Integumen-plc-Annual-Report-2019-1.pdf
Suggestions for a new name anyone.........as a bit of fun.
Hey shandypants2........!
my notes (spreadsheet geek I know :) show 5,700,001 left from placing and 5,279,999 Turner Pope, both @ 1.5p but different exercise dates.............!
£164,700 in monetary terms......... :()
All the best (a premium to the placing price mates rates :)
@iantobach The name was originally derived from the the word "integumentary" relating to an enveloping or external layer or covering (as of skin, hair, scales, feathers, or cuticle) of an organism or one of its parts. When new management took over the company was very focused on selling beauty and skin care products,had an oral hygiene tongue cleaner (I know !!!!!) and of course Labskin.
It certainly is getting way beyond that, but before we considered changing the name we wanted to let shareholders (new and old) that the company, that was a mess when we took over, had been turned around. We did not want to hide the past, but fix it. We have done that now and considering a name change in due course to reflect where we are, what we are doing and where we are going.
more 'mates rates' warrants. I think when i looked at it last year there were c80m warrants at 2p left so i reckon they are maybe 50m left. I may be wrong though, so happy to go with Chesh's figures.
Good spot on the 1.5p too, yes i thought these were all exercised last year.
Hi Gerry. I've just persuaded my Investment Club to buy £1,000 worth of shares in Integumen (it wasn't a difficult sell). The only question I couldn't answer was "where did the name come from?). Can you help me on this one please!
Thanks @gjbrandon.
After taking off todays exercised warrants there are 67,837,856 left to be exercised before 02 May '21 @ 2p...........
another £1,356,757 into our growth war chest...........!
I look forward to Turner Pope exercising their 6.25p warrants........... :)
All the best (only £112,500 but the SP will be c.10p when they do :)
Well spotted Matt and thanks for confirming GB
@Matt thank you for pointing that out. You are correct in saying that the warrants on that page should be 2p. The placing at the time was 1.5p, so this is a typo and we will arrange for this to be corrected.
@gjbrandon, is p58 of the 2019 annual report correct? It says there the 95,624,999 warrants from the Placing subscribers have an exercise price of 1.5p. Should it be 2p?
Placing subscribers 2 May 2019 95,624,999 1.5p 2 May 2021
As just higher up on the same page, it says:
Share warrants granted during the year
- On 2 May 2019, the Company granted warrants over:
- 98,214,285 ordinary shares of 0.01p each to placing subscribers which are exercisable at 2p per ordinary share of 0.01p at any time until 2 May 2021.
Both cant be correct surely?
Morning All
I am intrigued about comments on the warrant exercise. Just 2 weeks ago, based on our growth rate, we secured a £3m loan facility and only drew down £1.5m indicating the following:
"This comprehensive loan facility has been designed to align with the Company's guided revenue projection and provide sufficient working capital to maintain and build on that growth well into 2021"
The share price jumped from 2p to an average of 2.8p and just as we are delighted for shareholders who exercised their warrants, the Company receives £571k today plus £34k last week into our bank. We did not solicit, nor account for them in our working capital requirement in our Annual Report or when we secured the loan two weeks ago. Yet here we are with a chunk (technical term :) ) of extra capital in our war chest to speed our growth.
As a former fund manager (back in the 90's) I reported my NAV every month to clients. Fund managers operate on a fee plus percentage gain. So the Net Asset Value (NAV) at the end of each month is important to investors and for promotion of the fund to new clients.
60% of these warrants were exercised by our largest shareholder and as a successful fund manager (3 out of 71 in the Barclays List) they will have a very nice NAV improvement this month because of their profit on the exercised shares. Contrary to what private investors assume but long term holders are happy to increase their holding for the above reason.
As for warrants, these are disclosed in the annual report and in shareholder circulars when issued, so easily known to any and all investors. No additional shares are issued, they already are accounted for by the warrants disclosed.