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Looks like only resolution 2 (Directors remuneration) met with any voting resistance. Probably down to Glyn wanting a 3% raise on his current £650k a year package..
Hoping now we'll receive clarity on how to exchange our AIM ordinary shares to ADS's. ii informed me they are led by the company or company registrars, and hoped to know more after today's meeting.
Fingers crossed for a rally on the Nasdaq, now we have more certainty. Any Nasdaq rally, combined with a simple AIM/ADS conversion, should see a knock on to the AIM SP - IMO.
Thank you for the info
I think it's a foregone conclusion now. The votes are almost certainly in favour of approving the delisting and accepting the $50M. The deadline for the proxy vote was 16th of Dec so I guess they're over the line already - hence the RNS today speeding the timelines up.
Worth noting that last time, when Bob Duggan added $25m, it wasn't until the shareholders officially approved it that the SP moved up - despite that being a foregone conclusion as well (over 99% of shareholders voting in favour).
No !!!!!!!!
If he thinks there is good value here would it not be wise of us to vote against?
I've just recalled GW did something similar 3 years ago. There's some historic information online which may be helpful (of course this relates to GWs delisting, but I'm guessing the process here could be similar?)
https://www.sec.gov/Archives/edgar/data/1351288/000114420416128594/v450769_ex99-3.htm
I am likely to do the same; however, could you explain the last part of your comment "onto a platform" please?
Thank you
Have a good day - EP
I think I might hold at this stage as well. Duggan must obviously think there is more value here somewhere, otherwise he wouldn't be embarking on this process. Whether us small individual PI's ever see any uplift from current levels is however doubtful in my view
Given the new subscription/placing is for ordinary shares on AIM, and Bob Duggan will be subscribing to 166M new AIM shares, I'm assuming the process to convert to ADS's will have been relatively well thought through (if he's in the same boat as us that is)?
I'm going to hold for the time being. Not sure there's a lot of point selling at today's AIM price. If we're delisting/converting to ADS's, the AIM price then becomes irrelevant and it's all about the NASDAQ SP, and how many ordinary shares you hold.
Davielad,
The waiver of Rule 9 of the Takeover code, if passed will free Duggan from having to make an offer to existing shareholders when he acquires his 72% holding. He does not need to delist SUMM from AIM for this. I suspect the delisting is to to enable him to acquire an even greater holding, some time later. Perhaps he plans to buy out all the remaining small investors.
"Or do we just cut and run, and sell out ?"
I know nothing about ADS's, so am wary of transferring to NASDAQ. I have my voting forms in front of me, and cannot decide which way to vote. I suspect that I will vote with my feet, and like you take the loss.
In the shareholder circular it states
“Subject to the Cancellation Resolution being approved, the Company expects to send to Shareholders further information detailing the process by which Shareholders may convert their Ordinary Shares into ADSs.”
It would be nice however if they could detail this before we vote (assuming the vote won't change the process), and allow us make a more informed decision. I guess we have to trust this can be done smoothly.
My message is hold & I am currently converting into share certificates & then moving onto the NASDAQ & then onto a platform.
Ken, I agree with you, and assume that the delisting from AIM is to avoid Duggan having to acquire the entire equity, I suppose the issue for us small PI's is .... Do we vote in favour of the resolutions and hope that at some stage in the future the value of our investment here will increase?.....Or do we just cut and run, and sell out ? (in my case at a loss).... I am inclined to the first option but would be interested in everyone else's views
"Surely Duggan will have to make a bid for the company if he is going to own 72 percent ??"
Dannat,
Resolution 3 - to approve the waiver of Rule 9 of the Takeover code, if passed will free him from having to make an offer to existing shareholders.
De-listing from AIM will mean that SUMM are no longer governed by the LSE listing rules. As such, Rule 9 will no longer apply. I have no knowledge of NASDAQ rules, but the RNS hints that Duggan may be able to acquire yet more shares without having to make a bid.
The CDiff drug is what initially attracted to SUMM in about 8 years ago, at which time it was likely to come to market before the failed DMD offering.
Still nursing a large long term loss but think we might be about to come good. Never pleasant to be diluted but we need the cash and the terms could have been a whole lot worse.
Below is link to Proactive interview with GE
https://www.youtube.com/watch?v=-mx8i7S1NVU&feature=emb_logo
An alternative view to your 11.28.
Firstly, Duggan bought 75% of the Company at the current market price. $50 million of funding with no discount is pretty remarkable.
Much more importantly though, how many other AIM bios are you aware of with an asset in phase III trials? Out of those, how many are planning to recruit over 1300 patients? I haven't checked, but am pretty sure it's zero. That's because it's very difficult for AIM listed bios to raise sufficient funds to take any product beyond phase I/II let alone into phase III. The very few who do make it to a successful phase III, still have a mountain to climb. I think retail investors often seriously underestimate the money, time, skills and expertise required to turn good phase III results into a commercial product.
Summit now find themselves with a way forward, a billionaire philanthropic majority shareholder with deep pockets and a contact book stuffed full of useful names. Of course they'll need further funding at some stage, but you have to ask whether they are now in a better or worse position to secure that funding than they were prior to this transaction? Is Ridinilazole now more or less likely to ever make it to market?
It's as simple as that IMO.
Just for your information I am with Barclays share service & they have told me that unless I transfer the shares before the 24th February they will be sold automatically so I have today instructed Barclays to convert them to a share certificate.I have also spoken to the Company’s Registrar saying what I am doing & they have taken a note of my actions.
Once the transfer is made a new share certificate will be issued adding to my existing share certificate shares.At that point once I have also carried out the same with the Share Centre where I have a few more shares I will then have all my shares with the Company’s Registrar.I understand that at that point I can instruct to have the shares converted to ADS on the NASDAQ.At a further point I will then transfer back to a Broker who trade's on the NASDAQ which Barclays do not.
For reference I suggest those with a similar situation double check their own situation.
I don't see it as dilution when the shares are purchased at market price (or slightly above today's 21p). If they were given away at a huge discount then I'd see that as dilution... Just means we'll have a smaller slice of a bigger pie (as before when he bought $25M). I'm pretty sure Bob Duggan will have a game plan - may be to sell off before 2021 (at more than the $1.60 he paid initially) or accept he will have to add more in the future.
Sorry typos. known not know. Cash not can.
So-Duggan gets 75% of company at a low market price. Cash runway to January 2021 when results of phase 3 still not know-so more can needed then. Edwards looked after-now Chairman. Huge dilution and more to come. Nothing at all like Immupharma.
Just a whinge.
That's all.
Hi All - I have just voted for all 4 motions through the Chairman to be voted on at the 23rd December meeting.
A little more info in the shareholder circular (https://www.summitplc.com/app/uploads/2019/12/201912_Fundraise-and-GM-Circular-FINAL.pdf)
"If Shareholders approve the Cancellation Resolution, the Company will seek to provide support to
Shareholders to enable them to convert their Ordinary Shares into ADSs prior to the AIM Delisting taking
effect. Shareholders should note that conversion of Ordinary Shares into ADSs must take place in multiples
of five. It is not possible to receive a fraction of an ADS, so in the event that this conversion is completed
after the AIM Delisting has taken place, there is a risk that Shareholders will be left with a small number of
Ordinary Shares (a maximum of four Ordinary Shares) which cannot be converted into ADSs. "
Chrisatrdg - bought online with Interactive Investor - usually have at least three options - market - limit - fill or kill . Just had the one option when buying SMMT - that was simply to state a price - I simply chose the current ask price.
Not sure if this answers you query...
Need more information of company intentions for holding ADRs in an ISA. My broker indicated that ADRs can be held in an ISA if the share has a listing.
If SUMM relist on NASDAQ or any other exchange, prior to the delisting on AIM there should no problem DYOR