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I would prefer to use, Sweet Blockbuster and maybe Bee Gee's Tragedy ?
'Because some of us believe they WILL NOW change the record'
A funeral march; the Last Post or I will Survive?
The Bull **** continues, hope they end up being accountable for their actions over the years
Now they have had their private meeting does this now allow them to use the placing to back pay all the money owed to the directors ?
Because some of us believe they WILL NOW change the record?
Only time will tell ?
Vice versa cannot get any buy quotes also?
Screwed, screwed and screwed again.
How are they allowed to keep getting away with this !
cant get a price on HL to sell anthing over 1,000000 shares
Yes. It seems we are back to:
"we have a life changing billion pound deal with 42 partners who have signed a potential LOI. We just need to urgently give away 50% of the company for virtually no money, then possibly do it again in May, then we may certainly have potential to make that billion"
well they certainley didn't get any yes votes from me! who actualy addudicated the counting???
Prepare to be screwed again.
AIMHO
Well I suppose this RNS clears up that the resolutions have passed.
For one other, if I recall Gerry Desler (CFO) charged valirx as an external service provider, as did Giorgio for a while. Wouldn't be surprised if Gerry includes himself in critical service provider, as I seriously doubt UCLH would let Val pay retrospectively.
depends if the resigned as straight directors or were removed as found to be non straight directors?
I suppose / imo
"Any payment of outstanding or current director fees or remuneration will not occur until after the Requisitioned General Meeting."
So VAL owe the directors money - ie they are creditors. If/when it goes **** up then can they get the IP in settlement of their debts?
My last post probably way off the mark. However the last placing RNS said this:
Following the grant, in aggregate, of the 220,000,000 warrants over ordinary shares, the Company will have 290,076,425 warrants over ordinary shares in issue. Of the above cumulative 220,000,000 warrant granted, 140,000,000 warrants over ordinary shares will be exercisable subject to certain shareholder approvals being obtained at an upcoming general meeting of the Company.
The implication is clear - headroom has run out - not enough headroom for existing warrants to be issued. And there are not 715m of them!
and if at that meeting certain directors, dont get the vote?
Under the circumstances all employees should be furloughed unless if these people are so clever why can’t they come up with a vaccine for CV19 ?
Then the shares would go up !
Headroom. There is minimal headroom left, assuming the previous warrants will not be used they can use some of that. (Remember that they haven't enough headroom to issue all the warrants promised last time?) So 715m shares = 5.72m consolidated shares. They may think they have headroom to issue 5.72m shares under the old agreement. Legal eyes may be needed to see whether this is on!
ValJu, no money going to directors?
"Any payment of outstanding or current director fees or remuneration will not occur until after the Requisitioned General Meeting."
Initial research reveals the following.
These figures were obtained from the company’s own website, and can be found in the Notice of General Meeting documents for 2019 and 2020 respectively.
The figures appertaining to the 2019 General meeting state that prior to requesting further approval to raise shares there were 752,629,382 shares issued, and that they were requesting approval to issue up to a further 752,629,382 shares, which would have equated to a maximum number of shares in issue being 1,505,258,764.
The figures pertaining to the 2020 General Meeting state that prior to requesting further approval there were already 1,534,827,184 shares in issue.
What the above clearly identifies, IMHO, is that not only is there ZERO headroom available from their existing authorisation to issue any further shares, it also implies that they have already issued more shares than they had the authority to do.
They had authority to issue up to a maximum of 1,505,258,764, but we now find that they have issued 1,534,827,184 to date.
If we set aside for the moment the insignificant (in the grand scheme of things, but never the less in excess of their authority) number of shares that the BoD have issued in excess of their authority to do so, they have also released today a wholly inaccurate statement that is misleading at best, but could conceivably be seen to be duplicitous at worst, in relation to the existing authority that they believe they have.
In today’s RNS they stated, and I quote, “The Placing Shares would be issued under existing shareholder authorities and not dependent upon resolution 2 or resolution 3 of the Capital Reorganisation General Meeting being passed.”
Given the figures detailed previously IMHO they have no existing authority to issue more shares, so why do the BoD believe that they have, and why are they trying to sell this placing to not only the existing shareholders, but also the entity who are taking this placement, that they do indeed have an existing authority to do so.
agreed, lets wait and see, but I feel there is a "Wind of Change" coming and I for one am open to being told what ALL these changes will be and HOW they will BENEFIT us, as LTH ?
read rns noise... NO money going to directors....
still each to their own and good luck with your "Hail Mary" Pot :)
Valju, whether it is their intention or not, they specifically stated that they had sufficient legal headroom to allow the placing to go through. However it seems likely that they do not and they would have been well aware of that before organising it.
If it turns out to be correct then it is not only highly misleading, it is downright illegal.
If I had time to go through it i would so let’s see what heid can find and then we can discuss it further.
Heid, I have the same feeling.
Ignoring the lower price cap of 0.1p (a technicality in the grand scheme of things). I am pretty sure they do not have this headspace. They could possibly have 250m of wiggle room. But it seems they want to dilute Valirx by 50% immediately to keep the lights on and pay Satu her backpay and pension. Presumably that will absorb the £200k instantly.
June 2019 880m after AGM with resolutions passed
April 2020 1.5bn (effectively doubled)
They may have passed the resolution for consolidation, 50-50 I guess.
Christ, if we have new director on board (with a clear track record of equity spamming from our existing historic broker, Daniel Stewart), it seems obvious they aren't changing and they have no partners. I sold most of my chunk last year, I kept a small "hail mary" pot, but I have just sold it.
I wish Valirx the best and will enjoy any technological success they have. How can you talk about partnering up when the brokers around you want a 30-50% haircut every 2 months? If I had groundbreaking medications and results forthcoming, I would not be scratching around the chickenshed with these types of businesses.