The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
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Bit of a 'busy-body' aren't you.
It seems to me that you should ask more relevant questions.
Such as are the company expanding too quickly?
Are they unable to understand the U.S. markets?
Do they have cash reserves in place to tide them over?
Is it a serious mistake to list in a country they already do most of their business with?
It seems to me that there's a distinct lack of interest in US, as can be seen by the discounted placing.
Why did they need a huge placing if they have $130m in the bank?
The offer closes tomorrow.
Very odd timing of the IPO, given the recent events.
Shares on Loan have trebled since the CEO sold 1/3 of his holding in Dec. Quadrupled since Sept.
Tosca the long time II, selling recently, just DAYS before the IPO, despite having held for years.
Trmr file a court case against Alphonso, their data provider.
News Corp lock in period ends next month.
So, it does look like they are listing before H1 period end, which raises lots of questions about the timing of the above events.
So I think once the dispute with Alphonso was known they felt the need to US list (with the placing) asap. I think because the process to list was the reason behind the early Q1 TU (10 days before Q1 end).
On 10th March, they published the fy account, without firm mention of US listing, they simply said:
"The Company continues to explore, from time to time, the possibility of transactions in the capital markets, including the potential for a dual-listing of shares in the United States. No assurance can be made that any such transaction will be completed in the near term or at all."
https://www.tremorinternational.com/wp-content/uploads/2021/03/TRMR-Final-Results-100321.pdf
Yet ONLY 6 days later on 16th March , they published their draft registration for a US listing:
https://www.tremorinternational.com/wp-content/uploads/2021/03/TRMR-Submission-of-Confidential-Draft-Registration-Statement-for-Proposed-Offering-160321.pdf
That tells me there was a sudden need to list with days of the fy results being published, timing which coincides with the alphonso dispute.
Placing.
Court case.
Overhang.