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Now Mark Goldberg’s (NED) picture updated (though dates to 2021).
https://avacta.com/people/mark-a-goldberg-md/
Last time we had new pictures of Board folks stuff happened the next day.
GLA
Mmmm...one of his compsnies just completed a RTO by the looks of it...
https://www.aceragen.com/news/idera-pharmaceuticals-announces-name-change-to-aceragen-inc-and-provides-near-term-strategic-outlook/
Could this be a target RTO company for Avacta...? If a Nazdaq listing is being looked at.
Can somebody tell me how are AVCT going to navigate the complexities of an RTO in the US (if that is indeed planned) with a gormless CFO who can barely add up at the financial helm (see recent RNS for evidence of his mathematical incompetence!)!?
No
Eliot Forster did a RTO with F-Star
https://www.mills-reeve.com/insights/news/mills-reeve-advise-f-star-therapeutics
an rto doesn’t sound great for existing shareholders at face value. from copilot:
in a reverse takeover (rto), the shareholders of the public company do not directly transfer their shares to the private company. instead, the process typically involves the following steps:
1. **acquisition of control**: the private company acquires enough shares to control the publicly-traded company².
2. ******************: the private company's shareholders then exchange their shares in the private company for shares in the public company². this is often done by issuing new shares of the public company to the private company's shareholders.
3. **resulting ownership**: after the **************, the former shareholders of the private company usually hold a large majority of the shares of the public company¹. the public company, now controlled by the former private company's shareholders, reflects the identity of the private company.
4. **public company's shareholders**: the existing shareholders of the public company retain their shares. however, due to the issuance of new shares to the private company's shareholders, the original public company's shareholders may find their ownership percentage diluted¹.
the exact mechanics can vary depending on the specific terms and structure of the rto deal. it's important for shareholders of both the private and public companies to understand the terms of the ************** and how it will affect their ownership stake.
****** is sh are ex change. Not sure why that’s so controversial…
And on whether existing share holders lose out:
Existing shareholders in the public company involved in a Reverse Takeover (RTO) do not necessarily "lose out," but there are several factors to consider:
1. **Share Dilution**: When the private company's shareholders receive new shares of the public company, it can dilute the existing shareholders' ownership percentage. This means that while they still own the same number of shares, their percentage of the total shares outstanding is reduced¹.
2. **Market Reaction**: The market's reaction to the RTO can affect the share price. If the market views the RTO positively, the share price may increase, benefiting all shareholders. Conversely, if the market reacts negatively, the share price may fall¹.
3. **Synergy and Growth Potential**: If the RTO is successful and leads to operational synergies and growth, the value of the company may increase over time, which can benefit all shareholders².
4. **Risk of Underperformance**: Studies have shown that companies that go public through an RTO have lower survival rates and performance in the long run compared to companies that go through a traditional IPO. This could potentially impact the value of shares held by existing shareholders¹.
5. **Regulatory Compliance and Transparency**: The increased regulatory compliance and transparency required of public companies can lead to better governance and potentially increase the company's value¹.
In summary, while there is a risk of dilution and potential underperformance, there are also opportunities for growth and increased value. Existing shareholders should carefully evaluate the specifics of the RTO and its potential impact on their investment. It's also advisable to consult with financial advisors to understand the implications fully.
Could this be our new CFO
Paul Fry
Non Executive Director
Paul was appointed as a Non- executive Director in February 2020. Paul has extensive financial experience across several industries including biotech, pharmaceutical and telecommunications. Paul is currently Chief Financial Officer of Argenta, a global CRO and CDMO specialising in animal health. Prior to this he was Chief Financial Officer of Vectura Group Ltd, an industry-leading inhaled drug delivery specialist which up until 2021 was listed on the FTSE Main Market.
Paul was also Chief Financial Officer of Immunocore Limited, a leading biotech company focused on the development of a new class of immunotherapeutic drugs based on proprietary T-cell receptor technology. Paul has also served as Director of Global Finance Operations at Vodafone plc and spent more than 25 years at GlaxoSmithKline (‘GSK’), where he held several senior roles including Head of Global Finance Services and Chief Financial Officer for GSK’s Italian pharmaceutical business.
Paul holds a degree from Oxford University and is a member of the Chartered Institute of Management Accounts
Paul is Chair of the Audit Committee and a member of the Remuneration Committee.
Just developing the speculation (2+2=5, etc.) ...
AbbVie completed the acquisition Immunogen in Feb for ~$10bn.
Mark A. Godberg MD has (had?) been a board director of Immunogen from 2011.
A few examples of the AvbbVie oncology pipeline ...
Budigalimab – PD-1 targeting mab.
ABBV-303 – target solid tumours.
ABBV-400 – ADC, target colorectal cancer.
ABBV-514 – target NSC lung cancer and head and neck cancers.
Immunogen had history with cancer-targeting, for example Taxane compounds …
https://news.abbvie.com/2002-01-23-ImmunoGen,-Inc-Receives-Patent-on-Taxane-Compounds
Abbvie (now with Immunogen) have a very impressive oncology pipeline, many of the therapies are in phase 1.
The pre|CISION™ platform would sit very well with AbbVie. (Not to mention the PD-1 and PD-L1 checkpoint inhibitors, AVA021 and AVA028).
GLA
Gje306
Re shareholders losing out:
It depends on the conversion rate. I wouldn’t want to get say £2 worth of Pfizer shares for one of my Avacta shares.