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I would say cash not yet receieved. Note 24 (post balance sheet events) to accoubts states company 'will receive' 100k... given they were signed yesterday i would expect this statement to say cash has been received. Will digest the rest this evening
Im not saying it wont come just that in all likehood it hasnt yet been deposited. I dont think its out of the ordinary for companies to prioritise holding onto cash - i certainly would hand over 100k at the last possible moment and would want to be confident the deal will progress given its non refundable
RNS confirming receipt of funds by the end of the week?
2 Apr 24 RNS: 'the Company will benefit from the free issue of shares in BIO. BIO is paying a non-refundable upfront fee of US$100,000 within 30 days of signing the MoU for a 120-day exclusivity period to complete the formal legally binding agreement.'
Would be nice, but I doubt we will get one specifically in relation to receipt of funds I would think the next RNS in relation to the MOU would be confirming whether we have or have not succesfully concluded the legals and the deal becomes binding (which gives CIZ US$2.3M dollars as a minimum) or if the deal did not conclude.
We should get a confirmation receipt RNS of the 100K.. and I think some posters on here have confirmed that earlier.
Regarding the next RNS.
Who knows what that may be... I would hope for a few (good) surprises, but with Ciz who knows.
Let's hope they got the message about comms.
Agree with that Bermondsey. Sensible to hand over at last minute if it indeed completes.. We shall see.
Well, I don't know about that.
Let's put some perspective on this.
$100K is approx £80K..
I would think that Neil has three times that amount in, and I nearly had that amount in too !
If they're bothered about interest on a few days on 80k, there's not much confidence is there?
If they're waiting for some test results before investing, maybe, but if it's to do with a few quid interest, I'm not impressed.
If Neil is watching, I did ask a question which was ignored a few days ago.
To Neil: As a high level investor, were you asked to be involved in the £600k fundraise?
If you were, obviously you knew it was coming during comments. Perfectly reasonable and within the rules not to be able to say anything.
I'm just interested whether you were asked to participate and whether you did?
Thanks
If they have 30 days to make the payment and can make money paying at the end of those 30 days, is that not something you would do??? Also does the 120 days start as soon as the payment is made? If so again makes sense to let those 30 days run down as a free option..
The $100k may already be in the bank. Ciz do not have to advise immediately on receipt, just at some point that it has been received.
Investors are not holding for a day or two's interest. Probably spent more than that on a decent meal.
Not waiting on results before investing either. The MOU was for the upfront, non - refundable payment fee for the right to have an exclusivity period in which to complete the legal paperwork required to convert an understanding into a full, legally binding contract.
Techtonic, sorry if you thought i ignored you. I preferred not to confirm or deny your question, purely for the reason that i don't think it is right to reveal my position, as it may sway opinion one way or the other if i am contributing to this board.
I will say that you were previously aware that i held a substantial holding. It has NOT reduced.
I will say that i was in a position to fund, in it's entirety, one of previous placings, which the company was aware.
I will re-iterate NO ONE should base their investment on my comments/opinions/investment decisions. You need to be confident/comfortable with your own position, and what you have researched.
You are all too well aware of how your sentiment can change significantly on an event, comment, or perception of a situation at any particular time.
I was given a bit of stick a couple of weeks ago by a poster for suggesting that some of the placing monies that are not now required for the initial purposes, would now be directed towards furthering the development of our other cancer detection tests.
Then up pops news that we have SUCCESSFULLY COMPLETED an antibody development program with a French pharmaceutical CRO.
Remember, work is being carried out on breast cancer detection test, and is continuing on the development of a LFT.
We are NOT a one trick pony!
Neil
Cheers Neil for that 'non-confirmation confirmation' !
I would expect you to have been asked.. and I appreciate you 'answering' the question. You didn't have to, so thanks for the comments.
As I said in the early days I relied too much on other posters.
The problem with having very high value investors commenting as yourself is that it's chicken and egg. (They're certainly will be some at least subliminal confirmation bias even if you're not aware of it)
But by having such a large amount in, it is extremely difficult to assess news from a neutral position.
You're either so convinced by the company and tech that you plough huge amounts of money in to back it, or you've ploughed souch in, it's hard to reverse that mindset.
I've always found your posts extremely informative, but I do see your large investment as a stumbling block to clear vision.
I'll still look forward to reading your posts , as they're always interesting and well thought out, but it took a while to suss out that you know little more than anyone else, just with bigger pockets! ;o)
I always look forward to reading from Vincent, Brond and Green, Brondby even old Poundland Jace - also erstwhile OAPk..
However, there's been many an enlightening moment, like when Brond said Ciz had all the cards Vs US investors! Hmm
Still liking reading everyone, and enjoying the posts (but large amounts of salt are now applied to the meal)
@ neilin
Good to hear from you again.
AISI, there are two major milestones that have to be achieved within the framework of this MOU.
The first being a $100k non refundable fee. The second would be the signing of a legally binding agreement. I feel that the $100k payment is no less material than the ultimate signing of the deal and as such, it should be RNS’d.
Others may disagree, but given the lack of confidence in communication from AS and his subsequent interview espousing the need to keep shareholders updated, this may, for me at least, lessen the ill feeling regarding the massive discrepancies between the Sept-March RNSs.
As you yourself say, sentiment can change significantly on a event or comment. More so in my opinion when they are regulatory statements.
It is price sensitive news. It ultimately tells the market if the MOU is alive or not.
It should be RNSd.
Need news to lift up the SP!
@neilin if the cash was in the bank on 29 march (when accounts signed note 24 (post balance sheet events) would not say 'will receive' in relation to the 100k payment.
In any event still a day to go
Technically still until Monday. If it comes in later via the US tomorrow might not RNS until Monday (if they decide to - and they should)
Tomorrows Thursday not Friday.
Doesn’t look like the £100k payment amount meets the materiality requirement to RNS.
Nice to have Joe back!
I think Joe might have lost his twitter account recently so he's back to trolling here...
I see his crystal ball is as accurate as usual
At least i talk more sense than some of the charlatans on here!
“I do not believe it meets the materiality threshold where there is a requirement to RNS and I don’t know whether the company will choose to or not.
Best regards
Tim
Tim Metcalfe
IFC Advisory
Managing Director”
Tim should be encouraging the company. It's PR and essential.
The news in either direction has a material impact on price.
We've said we expect it. If we don't have what we expect then people make a decision to buy or sell. It's material.
After AS having acknowledged in his DT interview the importance of keeping shareholders up to date, the Company appear to want to fall at the very first hurdle if what Tim is saying is correct.
It’s a contract milestone.
I’m getting a little fed up of all this. It’s not as if we are asking them to RNS a new Company presentation has been loaded onto the website like other small caps do.
It would also mean that investors aren't holding on for another 6 months to make assumptions about the direction.
They'll should be told.
It’s quite simple. At Close of Play today in USA the 30 days are up. So the outcome should land FRI 7 am in the UK. No other scenario now is acceptable.