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Hi Jurado - I am with Interactive Investors & have said to them I want to take part & I am waiting notification so far they have not received the details but for me with a very small holding will be going for it & risk a drop in the SP.
Erm $500m rights offering? To pay for a upfront payment in a deal that could rise to $5bn? Gulp...
Fingers crossed!
Now back on the rise after a swift tumble the last couple of days.
GLA - EP
Link to their Webb page.
https://www.smmttx.com
PS There could be something in Summit once again.
Hi Folks,
Below is the link to Summits latest update see also todays documents on the Nasdaq platform for SMMT.
http://portalvhds1fxb0jchzgjph.blob.core.windows.net/press-releases-attachments/1481933/Current%20report.pdf
I’ve never really played around with “orders” before via the broker.
Food for thought.
I was in the black for all of 10 mins this week before it dropped back. Let’s see how the market reacts to impending news.
GLA - EP
Hi EP - The rights issue is based on holding on a certain date possible 6th Jan but if shares Sold I cannot see how your platform can allocate shares to you but could be wrong.
When the 'Old Summit' was on AIM & before the crash I Sold forward at an ambitious rate & too my amazement the SP did peak for a short while & bang Sold.I decided what would I realistically Sell for as Sell forward avoids the holding over the Sell button.Currently Summit is going up & down like a yo yo so it is difficult to know when to press the button.
Good luck & once again getting to break even may not happen again I know when I got there I Sold & did not regret it.
Question for those who might know better than I:
With the rights offering that will likely be approved, will this come with an eligibility clause for those holding stock before a particular date?
What I mean to say is, were I to sell today and buy back in say in 2 weeks, could this preclude me from eligibility for the rights offering?
Or is it determined on a case-by-case basis, dependent on the offering in question?
Cheers
- EP
I shall be watching the market closely today, finger hovering over the sell button … whether or not I will do it or not remains to be seen.
I don’t know whether tomorrow’s vote is going to have a detrimental effect on the short-term SP or not, and whether there is a chance to sell at break even and buy back in cheaper.
And perhaps also to ISA them.
Summit is presenting next week at one of the large annual conferences but cannot imagine that this will change much in terms of SP.
Trial results won’t be known for a while … but of course in the meantime, other news could be released about CDiff, the platform progress or other external deals that could push the SP north
Hope you’re all safe and well and having a good start to 2023.
GLA - EP
I must admit that I hadn’t understood that like that (Duggan fronting the cost).
Good start to the NY in any case.
Another board has some positive thinking along the lines of a breakaway toward $7.
Let’s wait and see.
GLA - EP
https://pharmaphorum.com/news/little-summit-therapeutics-spends-big-bucks-to-rebuild-pipeline/
OK I see it's a loan from Duggan which will be payed back through a rights issue.
Given summit some breathing room.
Rns says 500m to be raised which will dilute here.
I know potential with licensing deal is huge but numbers and testing still to come.
Got me wondering I must say.
Hi Ollieh - A pragmatic approach. Regards Chris PS I think my son may well think the same.
I need another 5 bucks to break even on 10k in.
But you know what...I'm waiting it out .
Wasn't worth anything a few months ago.
Looks like some profit taking before new year.
Ok here is my 2 cents.
The market knows well the dilution coming but still the sp went up.
Also we have two springboard points to come.
1st is China 3rd phase trial news to come when finished.
2nd will be our own 1st phase trial news when finished.
A while to go but think of it...if our 1st phase fda data matches China 1st phase trial data ( already published ) then the market in the west will be convinced that China data is trustworthy.
This should give the fda process a headwind as regards investor confidence.
The issue is how much dilution can this news balance out?
Don't know the numbers yet.
I was offline for the last hour. Hopefully it will peak back up after the early burst upwards
Thanks for the insight and good luck to your soon
- EP
Hi EP - Yes it is a dilemma & it was at this point last year that I sold when just in profit & I am glad I did.The issue is the 'rights' issue & at the current SP they are a bargain but unlikely the SP will then hold.I have a very small holding & currently 191.99% up value £485.19 & I am thinking of taking up the rights issue.My son's shares are currently valued at £2k & current loss £2k so needs a further 100% to break even.
I was in the same dilemma as you & as I said Sold I will suggest to my son to take up the rights issue as a opportunity to get nearer to break even & then Sell.
As I see it the SP is being driven because of the lure of the rights issue all details are per recent RNS's.
I am not sure this helps but is my current thinking.
My final point is that we have all seen Summit going up & down & not long ago it was below a $ on balance I would Sell in your position for me my investment is so small it is worth the risk of Holding.
Crunch time decision might come today for me.
If the rise continues, I break even today.
My worry is that with the anticipated vote to issue the millions of new shares, the subsequent dilution will see an initial sell off and SP drop.
And then I will be back into -50% territory again.
Inversely, the crazy run could continue but at some point it’s going to need to take a breather. The question being: where will the point of inflexion be?
Any thoughts from the trusty SUMM community?
GLA - EP
5.26
Yep... it can.
GLA - EP
It hit $5.40 ?!
This is one balmy ride!!
What will the rest of the week bring ?!
GLA - EP
But straight back up again!
Let’s see how they want to take it forward today
GLA - EP
-28% today.
Rise couldn't last as time to start fda trial is q2 23.
Could see more downward movement until mid 23
Let's see if it drops much more.
My reading of the rights issue is that it will be possible to obtain additional shares at $1.05 being the likely lower figure at the time of the rights issue.This must mean taking into account the current SP that an immediate profit will be achieved so offsetting any current losses people will have at the time of the rights issue however many others will be thinking the same & then selling so brining the SP dow.People correct me if I am wrong.So in summary it may be worth taking up the Rights issue next January.
'Announcement of $500 Million Rights Offering
In conjunction with today’s announcement regarding the definitive agreement related to SMT112, the Company has also announced that the Company’s Board of Directors has approved a rights offering available to all holders of record of the Company’s common stock, par value $0.01 (the “Common Stock”) as of the close of the market on the record date which will be no earlier than January 23, 2023 (the “Record Date”). The Company intends to distribute to all holders of Common Stock as of the Record Date non-transferable subscription rights to purchase shares of Common Stock at a price per share equal to the lesser of (i) $1.05, or (ii) the volume weighted-average price of the Common Stock for the five consecutive trading days through and including the expiration date of the offering. Assuming that the rights offering is fully subscribed, the Company will receive gross proceeds of up to $500 million, less expenses related to the rights offering.'