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Agneissearner -
14. Adoption of New Name and Articles
It is proposed that the name of the Company be changed to CRISM Therapeutics Corporation (the “New
Name”), that an application to so change the Company's name shall be filed with the BVI Registrar, that the
number of shares that the Company is authorised to issue be increased from 2,000,000,000 to
16,000,000,000 (the “Initial Share Increase”) and that the New Articles be adopted.
The purpose of the Initial Share Increase is to create additional authorised shares to permit the issuance of
shares and to facilitate, if approved, achieving a position where the ultimate number of authorised shares is
100,000,000 following the Share Consolidation.
It looks that there is about £2 million left in the coffers. So place your bets on yes or no. A yes vote will enable you to access your investment which you can start to play the game again, stick, twist or fold. You have the choice. A no vote will mean you are in the hands of the board. They may well return the cash left, but after some time and some more ‘expenses’ extracted. You have no choice.
"not even RY will be able to string that out for long" - I'll remember that quote when I'm waiting for the company to do something in 6 months time :)
SNG is a fine example of a Pharma...6p to £2.45...A 40 Bagger and then back to 6p.
Obviously these Pharmas are generally poor long term investments but you only need 1 good spike and your well in the money.
Gentlemen, Place yr Bets !
Age,
Page 27 and many others talk about the potential for use
6. Market and comparators
Market
The target market for ChemoSeed is any solid tumour where surgical resection takes place, or there is ease
of local access. This includes brain tumours, pancreatic cancer, prostate cancer, bladder cancer, breast
cancer, liver cancer and lung cancer.
If this is their only product, I can't see it selling in any kind of volume to generate enough profit, even if it were to get through clinical trials. Whilst it may be of help in administering chemo, there are other advances in treatment that are potentially far more effective: https://www.bbc.co.uk/news/world-australia-69006713.
I foolishly invested in SNG, where an Interferon based special administration of Covid treatment offered hope of big profits during the pandemic. Even brokers were touting a potential £75 SP but the clinical trial that promised much was too complicated and couldn't establish efficacy. The SP dropped from £2 ish and continued dribbling down to the current around 6p, despite it having the possibility of treating other illnesses.
A very different product from this one, I know but it does serve to illustrate how risky unproven pharma is.
I think we are better off winding up the company; not even RY will be able to string that out for long. I will be voting NO.
It's important to understanding Young always wanted to retain as much of the cash for himself through salary.
He secured a minimum 15 years salary on the first offer that he recommended to his shareholders, with some wishy washy wording of some dividends that would be paid to shareholders.. which was rejected by over 90%, so he ammendment the offer so that it got passed but he still cunningly managed to retain some cash for this pathetic RTO instead of just dividing it out so if anyone thinks this cunning man, who has no interest or correlation to shareholders - is going to timely give shareholders the last of the cash, they will be 100% disappointed as Young is out for Young & Young only, his shareholders are his enemies and he will do all in his power to ensure they get nothing or as little as possible if the company delists.
See below we get 1 new share for every 160 AMC shares that we own
The Crism M&A states
The Company is authorised to issue 16,000,000,000 shares with no par value."
As we get 1 new share for every existing 160 AMC shares and they are able to issue a maximum 16bn new shares then that equates to 160 X 16bn old AMC shares which is 2,560,000,000,000 shares
goneawaol your understanding of a a maximum of 100m shares is different to my understanding.
Coincidentally 16bn shares is divisible by 160 which is why you arrived at 100m
Do you agree with my calculations?
Proposed Share Consolidation The Company's current issued share capital consists of 1,392,872,315 Existing Ordinary Shares. The Directors consider that the number of Existing Ordinary Shares in issue is higher than would generally be expected for a company of its size on AIM and the Directors believe that this could negatively affect investors’ perception of the Company. The Directors believe therefore that it is in the best interests of the Company for there to be a 1:160 share consolidation to reduce the number of ordinary shares in issue and increase the share price with a view to decreasing the spread between the bid and offer prices. Under the Share Consolidation, holders of Existing Ordinary Shares will receive 1 New Ordinary Share for every 160 Existing Ordinary Shares and so in proportion to the number of Existing Ordinary Shares held on the Record Date.
AGE
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“ 16bn after the 1 for 160 share consolidation certainly allows for massive share dilution”
It’s 16bn before consolidation. They expect to have 100m authorised shares.
TheChessMaster have you never heard of legal action!
AGE
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A few things for sure; there will be a very few votes cast on this RTO & once this is delisted ( if NOs win) you will not hear a word from RY for years, no correspondence, nothing !
I'm sure RYs got his fingers crossed 🤞 that the NOs win so he can spend the remainder of the cash at his leisure over a period of years and shareholders cannot do a thing about it, they won't even be able to contact him as the company no correspondence with shareholders policy will be even easier to enforce once delisted, not that anyone has ever received a reply when they were listed but it will be even more difficult once delisted.
I'm not sure some posters understand the ramifications here once the company is delisted.
Anyone thinking they will get the remainder of the cash is totally deluded.
Once delisted, that's effectively Game Over with just the small matter for RY of squandering the remaining few million, which, I'm sure he will have no problem doing over a 3 to 5 year period.
Authorised Shares The Company is authorised to issue 16,000,000,000 shares with no par value.
The Company may issue fractional Shares.
Go to investor info on the AMC website then press on AIM 26 rule and the memorandum and articles of association of Crism Therapeutics on the right hand side.
16 bn shares tells you all you need to know as such a large authorised share capital allows for placements to favoured financial institutions who then forward sell shares which has the effect of massively diluting retail shareholders
Cornhill Capital Limited has been publicly censored and fined for breaches of the London Stock Exchange Rules in connection with the forward selling of placing shares Cornhill Capital Limited has been publicly censored by the Disciplinary Committee of the London Stock Exchange. It was also fined £300,000, discounted for early settlement to £210,000.
The censure relates to breaches of the Rules of the London Stock Exchange between April 2015 and July 2015, when Cornhill was the placing agent for a placing of shares by for New World Oil and Gas Plc ("New World"), an AIM company. The placing was conditional on shareholder approval at a general meeting to be held on 19 May 2015. Following the placing announcement, Cornhill forward sold, on behalf of its underlying customers, a significant quantity of placing shares for settlement on 20 May 2015. These sales were on Exchange and were unconditional, so Cornhill became wholly reliant on the placing being approved by New World shareholders in order to settle its position. However, the New World shareholders did not approve the placing.
AGE
A few things for sure; there will be a very few votes cast on this RTO & once this is delisted ( if NOs win) you will not hear a word from RY for years, no correspondence, nothing !
I'm sure RYs got his fingers crossed 🤞 that the NOs win so he can spend the remainder of the cash at his leisure over a period of years and shareholders cannot do a thing about it, they won't even be able to contact him as the company no correspondence with shareholders policy will be even easier to enforce once delisted, not that anyone has ever received a reply when they were listed but it will be even more difficult once delisted.
I'm not sure some posters understand the ramifications here once the company is delisted.
Anyone thinking they will get the remainder of the cash is totally deluded.
Once delisted, that's effectively Game Over with just the small matter for RY of squandering the remaining few million, which, I'm sure he will have no problem doing over a 3 to 5 year period.
It is 16 bn after the share consolidation so 160 X 16 bn shares!
AGE
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“ 16bn after the 1 for 160 share consolidation certainly allows for massive share dilution”
It’s 16bn before consolidation. They expect to have 100m authorised shares.
Craztowner the drug delivery system they have developed is to overcome the blood brain barrier as the barrier restricts the passage of pathogens, the diffusion of solutes in the blood, and large or hydrophilic molecules into the cerebrospinal fluid and cancer fighting drugs.
My Father died of a brain tumor so I know quite a bit about this subject. however one must not let sentiment overcome rational thought as AMC shareholders motivation is to get back the remaining cash that is in the company rather than investing in a company for altruistic reasons.
I note your comment below, is this included in the document? if so what page is it on as the blood brain issue means that the drug delivery system is needed to overcome that issue but not needed for other parts of the body.
"The value is all the other parts of the body that it could be used."
AGE
CrazyTowner you did not answer my question yet again but from your response it is logical to deduce that you did not
receive a response.
You stated that you did not expect to receive a direct reply which is strange as it is common courtesy for CEO's to respond to emails as good manners maketh a man!
With your 27m shares the group would have 54 members with a combined total holding of 145,010,770 shares which is 10.4109% of the total shares in issue.
Do you honestly think the Board of AMC cares what their shareholders think as if they did then they would not have gone ahead with the RTO without seeking shareholders views.
Instead of that Robin Young went ahead with an RTO and incurred huge costs relative to the amount of cash that remains in the company.
It has been 11 months since the special dividend was paid and then we end up fining that the Board have agreed to a valuation of £5.5m for EPL.
I offered to let you become the leader of the group and you did not take it up the offer yet you have a very large number of shares compared to other shareholders and our group would be more effective with you in it.
email via gneissifyoucangetit@gmail.com so that we can discuss a plan of action.
AGE
AGE
Ilovesushi,
TheChessMaster is Scachmeister and has been posting here for many years.
IlS...You sound like you don't know RY, if you knew RY and how long he takes to do anything - you would know voting No means No Money for 3/5/7 or whatever years RY decides to drag it out till.
In that time, there will be little, if any, money left to dividend out so voting No is not an option for anyone wanting some money back from their investment within a reasonable timeframe.
Age,
The value is not in using the delivery method to deliver treatment to the brain as the cases are far to few to make any money from.
The value is all the other parts of the body that it could be used.
From what I can see, going with the brain solution fast tracks the trial process.
(i know absolutely nothing about pharma and found yesterdays document really hard going)
“ 16bn after the 1 for 160 share consolidation certainly allows for massive share dilution”
It’s 16bn before consolidation. They expect to have 100m authorised shares.
I think there could be posters here who have only joined in the last few months and seem to want to support the RTO and it appears to me they could be association or have a conflict of interest in and or be involved and will or may profit from an RTO and not even own shares. A vote for the RTO is like Turkeys voting for Christmas. These type of companies as this target is, seek a listing to access capital. There is only a future of dilutions. These pharmaceutical research companies bleed money. Your money. VOTE NO.
Get you capital out or be diluted to death. Extruded Pharmaceuticals has no earnings to speak of. Cash generation is decades away and to keep the company operating it will dilute you to death.
VOTE NO
TheChessMaster I must congratulate you on such a well thought out message.
If ever you decide to change careers then you are ideally suited to working in either Public Relations or Corporate Finance as you have such away with words that you could convince Eskimos to buy ice blocks from you when they could just cut them for free!
I am certainly not naive, that I do not know that pharma stocks can trade at a substantial premium but they do so for compelling reasons.
Please provide some compelling reasons apart from the RTO Company has developed a bit of plastic that is inserted into the brain.
The balance of rewards are vastly weighted towards of the owners of EPL when we have the cash that they need and they have developed a bit of plastic.
If they would have developed a promising cancer drug then that would be a different situation altogether!
If they had such a great drug delivery system then a large Pharma would have acquired them and they would not of waited for the AMC shareholders to provide their cash for us to be diluted by 73.26%.
I am going to vote against the RTO!
AGE
Age,
I was not expecting a direct reply to my emails, however, i was hoping that they would cause the board to provide clarity should the RTO be rejected, of which they have stated they will wind the company up and distribute the remaining cash.
So i will now be asking about winding up timeframes, anticipated cost, RTO abortive cost and required staff to do so as there is the possibility that there will be nothing left should the process take 18 months.
My question to you is this, what have you done? What are you going to do with the shareholder action group? As i have not seen any pro-active ideas.
Personally, I think you should contact AMC & the Nomad stating that number of shares within your Action Group and that they will all be voting no due to how poor the deal is :
- Share % retained by AMC shareholders is too low.
- Total share issue authority is too high (19bn)
- If only 750k is required for trials (per linkedIn) what will other 1.3m be used for
Use the action group to get a better deal, I will add my 27m shares to support this.
The fact they never reply to emails just underlines the risks with trusting them with returning cash. They'll do it in their own time. Also the costs of returning cash are very much unknown. How much is this abort cost thing they've agreed to? £50? £500k? I don't know. Probably a stupid amount knowing them!
Yes, just dived your current holding by 160.
Am i right in my understanding that the share consolidation rstio of 1:160, means that for every 160shares we own will become 1 share?
Agniessearner; Look at Avct for example !
Mkt Cpt £120 mln, £24million loss last year.
Start up Pharmas aren't about earnings & P/Es.
Most, if not all, other start up Pharmas will be similar in that they have little to no revenue/profits/p/e and little cash but ones with good potential will have premium shareprices.