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I think the issue isnt the finding of finance, there is finance out there... ....it is the terms and conditions and cost of being given it.....that is what the BOD are having to make decisions on. Finance providers arent generally good samaritans and I am sure the terms arent the best they could be....but of course beggers cant be choosers , unless they have a decent number of options...which remains to be seen..
With so much apparent dissatifaction (inclusion of warrants?) with the MidCap loan agreement, the board need to have a Loan B facility at the ready. It appears that the board are not willing to make up their minds about funding yet, they are still perusing their funding options. Clearly something has to be settled soon.
RNS: 04.06.2019: The Company entered into a warrant instrument with MidCap Funding XXVIII Trust on 3 June 2019
RNS: 15.08.2019: Tissue Regenix Group (AIM:TRX) ("Tissue Regenix" or "The Group"), ..announces that it has signed a 10-year lease agreement on a 21,000 sq. ft. facility to expand processing capacity at its manufacturing base in San Antonio, Texas. The agreement also includes the option to purchase the facility at a later date.
RNS 17 October 2019. Facility expansion
Tissue Regenix has received confirmation of a $0.3m grant from Universal City to support the commencement of the initial phase of the build out programme on the Company's newly leased 21,000 sq.ft. facility in San Antonio. ..This grant will assist and permit the upgrades of utilities and infrastructure serving the new facility.
In a December Proactive interview, grant amount confirmed as $370,000.
RNS: 14.11.2019 Updated loan facility agreement with MidCap announced.
With so much apparent dissatisfaction (inclusion of warrants?) with the MidCap loan agreement, the board need to have a Loan B facility at the ready.
Something has to be settled soon, else the likes or ARMS medical and Arthrex will be complaining that TRX dithering is stopping investment in fitting out the new facility for 'predominantly CellRight' products. Only then can the old facility be converted to produce Dermapure products.
Its not worth ****ing off these partners, and Lease payments are being made (since August) on a facility that is not producing.
Yesterdays RNS stated:
.."as previously announced, the Board is seeking to secure alternative funding in the near future which may or may not be forthcoming."
If it is'nt forthcoming then expect drawdown of the MidCap facility, but facility conversion funds are necessary now.
RNS 22.1.2020:
"..It is important to note that until recently this (Gynaechology) market was served by synthetic mesh which has now been largely withdrawn from the market, and where the Company expects to realise significant commercial opportunities."
So the opportunity to replace Mesh with Dermapure now exists, but only if we can produce enough tissue.
Perhaps we should subcontract MOST Dermapure production to CTS, to ramp up processing (should donor numbers be sufficient), at least until old facility converted to Dermapure production.
Interested in your thoughts gents.
Tbh, it's a no-brainer from where I view this company. As far as I'm concerned funding will be sorted and the opportunity to scale in funding from other sources other than a placing are much higher with TRX. Placing will be their utter last resort, BUT I personally don't see that scenario coming into play.
TRX, in-terms of growth and strategy and the business they're into has exponential growth, and I expect the company to have this funding sorted before end of March.. forget April. Any good company will already making headway to sort a better means of funding before the time is up, and on top of that they know how to cut costs and trim losses where needed to make the cash last as shown from last RNS.
Personally I can see the company trading into the 7-10p range very soon, all IMHO, but i'm sure most here will agree as I'm talking from a fundamentals point of view rather than an outright ramp. GLA
I don't make an habit of commenting as most of what is written are just personal opinions and are of no consequence. However yours is a class post and reflects my opinion in particular to the Sirius Minerals situation. TRX having the same problem but not requiring the same large amount of cash to sustain future growth. Should TRX get its funding the shares should rise if not then we are in the hands of the Almighty, it's as simple as that for me.
I was disappointed but not surprised by the reaction to the RNS yesterday. The finance, whether intentionally highlighted or not in the RNS is still an issue for investors. It may be, as part of the fall-out from the Sirius Mineral financial issues, that there has to be more transparency in how things are reported in RNS’s. Our RNS didn’t sugar coat the financial situation but I am very confident that finance has been acquired or lined up but not reported yet. I am invested here and very confident in this share.