Listen to our latest Investing Matters Podcast episode 'Uncovering opportunities with investment trusts' with The AIC's Richard Stone here.
London South East prides itself on its community spirit, and in order to keep the chat section problem free, we ask all members to follow these simple rules. In these rules, we refer to ourselves as "we", "us", "our". The user of the website is referred to as "you" and "your".
By posting on our share chat boards you are agreeing to the following:
The IP address of all posts is recorded to aid in enforcing these conditions. As a user you agree to any information you have entered being stored in a database. You agree that we have the right to remove, edit, move or close any topic or board at any time should we see fit. You agree that we have the right to remove any post without notice. You agree that we have the right to suspend your account without notice.
Please note some users may not behave properly and may post content that is misleading, untrue or offensive.
It is not possible for us to fully monitor all content all of the time but where we have actually received notice of any content that is potentially misleading, untrue, offensive, unlawful, infringes third party rights or is potentially in breach of these terms and conditions, then we will review such content, decide whether to remove it from this website and act accordingly.
Premium Members are members that have a premium subscription with London South East. You can subscribe here.
London South East does not endorse such members, and posts should not be construed as advice and represent the opinions of the authors, not those of London South East Ltd, or its affiliates.
Recent postings on this board have been removed.........why?????
Repost of the info.........courtesy of Sparty on ADVFN Part 1
This share holder up date is response to questions being asked by our shareholders:
1 What is the expected listing date?;
2 What is the management performance since appointment on April 15, 2020?;and
3. What is the expected share trading price and share holder return?
1. What is the expected listing date?
The Company’s is not permitted or unable to promote an expected listing date.
The regulatory reviews of the prospectus are largely complete save for the review of any requirement for updated financial statements. The listing timetable is now solely on the regulatory review outcomes and our response to any additional requirement that are imposed beyond the standard form prospectus that the Company has provided. The Company can disclose matters that have impacted the timing to date. Initial reviews have required ten (10) different sets of financial statements to meet regulatory acceptance given the complexity of transactions and intangible asset valuations.
The initial filing was made in January 2021.
A three-month delay in late 2021 was due to the request to calculate and disclose a cost in the financial statements for the shareholder protection provision (Top Up) against a potential share price falling below US$0.29. This required a complex derivative calculation and an analysis of the volatility of listed peer companies over the preceding two years. The Derivative Cost is disclosed in the financial statements from Q3 2021. Q3 Financial statements reviewed with the auditor is a precedent interim financial statements and has been valuable in timely filings of Q1 2022 and most recently Q2 2022.
The Company has engaged with the Regulator throughout the first quarter. Subsequent to Q1 2021, the Regulator paused review until the completion of the independent audit of the 31 December 2021 Financial Statements that was completed in May 2021. In June 2022 there was a requirement for Q1 2022 Financial Statement to be submitted. The Company at the time of this shareholder update has completed Q2 2022 Financial statements and will be filed shortly. the Regulator also requires the quarterly financial statements to be submitted with a confirmation and comfort letter from the Company auditors, again a time and cost imposition.
RSM Canada, the Company auditors, have been very focused to speed up their review processes required because of the significant judgements required in our financial statement disclosures through derivative analysis. The depth of knowledge that they now have is of great assistance to the Company’s ability to respond to the Regulator’s requirements more quickly.
The Regulator has now requested the Share Purchase Agreement (former Class two members) be updated to meet their requirements. Those affected will receive an email of changes requested by the regulators.
Part2
Usual practice for a Company of our status is for the Regulator to require a Sponsor. Due to the cost involved, the fact that the prospectus is non-offering (not raising capital) and the experience of the Company’s management and Board of Directors, the Company will seek a derogation not to have a regulated Sponsor. There is no certainty the derogation will be granted. The Appointment and Sponsor review can take up to three months.
2. What is the management performance since appointment on April 15, 2020?
The Company is pleased to provide the achievements of management since their appointment which became effective from April 15, 2020 where they replaced Board control from Innovative Medicine Partners, LLC (“IMP”).
Management and the Board of Directors have focussed on implementing proper stewardship on capital raised, noting that cash of US$3,800 at the time of assuming their positions was not sufficient to pay liabilities.
The objectives of the team, consisting of new and some legacy people, were and remain to increase shareholder value by:
· Establishing a governance framework
. Addressing legacy issues / conflict-of-interest / administrative lapses
· Preparing and secure listing of the Company
· Securing funding for activities and to meet liabilities
· Securing Patents in appropriate jurisdiction
· Acquiring FDA approval
· Completing design and development of the product
The table 2 below details the Boards performance and effective use of investor funds. The average monthly burn rate (amount of expenses per month) post new management is US$65,930 compared to US$186,167 under previous management.
Tabe 2
3. What is the Company target share price?
The peer companies used for the derivative analysis by the auditor as detailed in question 1 above shows at our current progression a share price between US$2.20 TO US$36.20 with a share price volatility of 22.2% (price rise or fall)
The Companies target share price is:
I) Short term US$0.60 to $1.20
II) medium term US$2.80 to $8.50
Please note that the Warrants issued has a doubling effect on return and investors.For future tax consideration investors should seek appropriate tax advice and can use the following method of Investment return calculation:
Shares issued + warrants multiply by share price subtract money paid = investment return
For US $100,000 subscription, shares issued 344,828:
344,828 (shares) + 344,828 (warrants) x 1.20 (target share price) – 200,000 (investment plus warrant exercise) = US$627,586
(capital again after deduction of cash investment)
www.InnomedTec.com
Billy Williams Disclosure Officer/Director +1 251 786 4695 BWilliams@InnomedTec.com