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Well this is welcome news! First time ever share options have been granted with a Share Price performance target. There were never any such explicit targets before. 3 yr SP of 62p is 3X where it is today. Suggests IJ is in for long term with options over 4M shares and at last we have a real value accrual based performance metric.
Well this is all a bit fruity...
Extracted from the SEC filings associated with their recent fund raise...
The (CIR) Agreement shall continue until the Company’s last patents or improvement patents expire (the “Initial Term”). Commencing on the first day following the Initial Term, and on each day thereafter, the term shall automatically be extended for one additional day so that a constant three (3) year term will always be in effect. Notwithstanding the foregoing, either party may terminate the Agreement upon the occurrence of certain events, including (i) material default or breach that is not or cannot be reasonably cured within sixty (60) days of the notification of such material default or breach or (ii) certain bankruptcy, insolvency, reorganization, dissolution or liquidation events
Now either party can terminate 'on occurrence of certain events'. Looking at the last one in (ii) could it be that in fact BeyondAir are claiming they have reorganised themselves via the offering, that they can unilaterally terminate?
Would be bonkers if so the Licensing Agreement allowed for that situation, and if it was this the press release would be different.
Now it says termination for Material Breach, but any breach has to be notified and the other side is allowed time to repudiate or fix, in this case 60 days. So what happened 60 days ago? They can not have possibly claimed breach ahead of their December fund raise as it would need to be disclosed as a material event in the SEC filings and Prospectus, else the raise is undertaken on false premises, a big No No.
So in summary, I observe this is a rather clumsy press release and I simply cant see how they could claim or achieve this without legal recourse from CIR. Smells like a rat, and per my previous post on this topic, its not material anyway to forward value and totally unrelated to asthma or COPD ambitions.
And if it is them trying to get the product back, such behaviour is unbecoming and I am not sure I would want them as a partner anyway.
Totally bizarre. Will post if I find out more.
....and now it appears BeyondAir is trying to wriggle out of legally binding commitments with Circassian, on some made up pretext obviously with major input from their attorneys. Typical US style. Very low lying, treacherous behaviour unless they can prove it categorically in court. Or do they simply want to re-write the contract terms in their favour, like a baby throwing out a rattle from the pram?
Interesting to see where it ends the day. If this is an attempt to negotiate/strong arm then it’s very aggressive.
I think we can be assured by the fact that AZN are a 19% shareholder and as such I expect we will have access to some pretty mean legal counsel!
Globally, not finally.
Yes, but, how key is LungFit to Cir's overall strategy to gain greater traction in the copd space finally? Forget the immediate cash benefit of the deal being pulled.
The company will enforce its rights under the agreement and defend its position vigorously,” it added in a statement.
House broker Peel Hunt estimated that "even in a worst-case scenario" removing BeyondAir's contribution from its sales forecasts without any cost offset, "Circassia still turns EBITDA positive in 2020, and maintains a positive cash balance across our forecast period".
Completely agree with you Jadam. They have realised they had a good product and undervalued it. Now or over the next week or two is the time to buy.
Just reading the other board and it appears BeyondAir received 12.3m circassia shares in Jan 2019 - might want to change our ideas about who's been selling lately?
Storm in a tea cup - MMs marked it down 10%, mopped up the weak sellers shares - job done. Don't see any signs of director or II sells. Could see this finishing blue today.
im in for another 50000 hope you are buying JAdam
Arsenal - some people will sell, no-one likes to see legal notices turn up in an RNS . However, if you think beyond the initial headline of "legal proceedings" , the pursuer must believe there's massive value in the product or why bother chasing it through the courts ? If it was a dog they'd just take the money they've agreed via the contract.
FDA approval coming ?
JAdam are you has naïve as you make out ??
Take them rose tinted glasses off!!!!
They also make you think sells are buy!!!
Strikes me that if the vendor is trying to take back control of the commercialisation rights then AirNovent must be something special and we've bought a humdinger of a deal ?
BWTFDIK
someone knew something in Invesco
Reported after hours
Purchased a lump yesterday.
I found the write up quite compelling and Richard Griffiths is no mug, certainly worth having some.
The write up was from Finncap in September, PDF download link below:
https://ufile.io/u2v6r5ve
.
Invesco have reduced from 28% to 14% in around 6 months, with an acceleration recently, having seen them in action elsewhere I think it’s safe to say they will sell down completely. Interesting that there has been no TR1 yet for the buyer of the 12m sold on Thurs, could come this week - be nice if Lombard had increased from 5% to 8%
Investors withdrawn £450m from Invesco Funds, in the last month
Invesco may just be trimming. No way of telling.
The good news is that other instis have been keen buyers in recent weeks and have accumulated significant stakes. So quite possible that any shares currently being sold by Invesco are being bought up by the likes of Richard Griffiths, Oryx and Lombard Odier.
Arsenal, almost all none AT trades are buys - the ask moves around a lot and will continue to do so until Invesco are clear. I’d say we’ve probably got 4-6 weeks to wait until they have sold their 52m shares, then the price will rapidly recover. May happen sooner of course if another II fancies taking a chunk!
very well covered up by the MMs