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I received confirmation from Interpath -following my email to them yesterday-that RNS due to be released today.
Can have no idea on content-positive or negative.
Knowing both parties involved, my feeling is not of overwhelming joy in anticipation though.
Hope the stall is not because Duncan or Alex have reneged on their loan promises?
RNS today hopefully reading the telegram group chat.
They should at least have the decency to acknowledge the missed date and provide an update
My gut feeling is that there are a number of moving parts currently and perhaps need clarity themselves in order to give a coherent update.
Could it be bad news? Or are the dates set just arbitrary and they are working to the end point, if the later we must be racking up more cost
We ve had confirmation to that extent from administrator in response to email below sent earlier today:
" ... Following the lapse of the deadline for the court to approve 4D's exit from the administration regime as one of the conditions for the Subscription Agreement to be effective, can you please clarify the following:
(i) the expected timing of a public communications to explain to shareholders what steps are being taken to rectify the current situation arising as a result thereof;
(ii) the precise impact on the company coming back to the market (relisting);
(iii) will a new application to court be necessary?
(iv) whether the issue of extending the deadline of 14th Feb 2023 has been discussed at all or whether it is still a possibility;
(v) last not least: the reasons that the deadline has lapsed. Is it related to any action not promptly taken by any of the parties?
Or are they related solely to court delays? In the latter case why hasn't a simple extension of the deadline been agreed.
Finally, would representatives from the relevant parties involved, directors of 4D but also from the administrator teams have the courtesy (if the statutory obligation doesn't apply in this case) to explain the reasons that the shareholders have not been kept informed of the progress vis-a-vis the looming deadline?
It is regrettable that one has to ask for such information instead of it being communicated publicly: ..."
Gordon amazing well questioned email
I for one believe that we should try and get answers - that’s the least we should get back after all this chaos.
Administrators are there for a reason which is to help save the business after exhausting all options.
Don’t just simply say we are done , I under the frustration but we as investors are dutiful of answers.
You may well be right Utah but it doesn't actually help by banging on about it. Where i would pull you up is when you say it's all a big play and joke by the company. That's plainly ridiculous - the professional Administrators have a duty to get the ocmpnay out of administration if they can, and that is what they are trying to do. If that fails, yes, of course, it will then be forced to proceed to insolvent liquidation.
Thanks Gordon for asking the very relevant questions rather than simply giving up as some people have. GLA
Thanks Gordon, but you know it's not coming out of administration don't you? It's all a big play and joke by the company. I have written this investment off
Sent a further e-mail to IA this morning, and as he replied promptly yesterday, I am hoping I will get an explanation at some point today
Thanks you for your prompt reply to my e-mail.
Following the passing of the 8am deadline this morning, Tuesday 14th Feb. 2023, for exiting Administration, as per Armistice's Terms of Loan, should the fact that this deadline would not be complied with, have been made known to the Shareholders by RNS ?
If a dead line is set, it allows others to plan accordingly, and therefore we, as Shareholders have been denied that chance, because of the failure to publish that information.
The reason ,whether Court delay, change of terms by Armistice, or in-complete documentation for the exit process to be completed, it should surely have been made available by an RNS Update as required throughout the Administration process.
I had assumed that, as stated, on exit form Administration, Interpath Advisory would hand control back to the D4D Parma Directors today, and that the fees charges would terminate as of 8am today. Can you confirm the position regarding this as well, please?
Look forward to your reply and explanation.
Sorry Mul, was only joking, playing on the messages from last week relating to the midnight deadline. Hopefully or surely we must hear something today even if it's just a holding RNS to explain the silence....Legals are taking time to review small print etc.
Well if you are in another part of the planet obviously 18:30 won't be applicable !
Are you sure, when I was running through the Yukon my phone would always ping LSE RNSs at midnight?
RNSs are not released later than 18:30.
Anyone staying up till midnight just in case we get surprise out of hours RNS?
Think he is talking about the fat lady, she does have a particularly large bust
@Utahsaints, something you know you'd care to share us? Kind regards, Red.
It ain't over till the fat lady sings
I'd have preferred busy to bust!
You have to prepare for going busy. It's not coming out of administration my friends
Good to see that we're still alive and breathing (just)
Received this from IA Case Contact just now!
4D Pharma Plc – in Administration (the ‘Company’)
High Court of Justice, Business and Property Courts of England and Wales, Insolvency and Companies List (ChD)
Registered Number - 08840579
Joint Administrators – James Clark and David Pike
Thank you for your email and considerations. We continue to be in ongoing discussions with Armisitce in relation to the administration and next steps.
The Administrators expected an Urgent application to be listed for a Hearing within 2 weeks of the GM on 20th January. We are now 3 weeks on, which may not critical even though Armistice have given a deadline .
A further statement should come from the Administrators, who are still in charge, to update PI's
I don’t have any experience of court hearings regarding administration but why would the court decline a relist?