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The High Court Approval is critical, the Adminsitrators have no control over that outcome and neither does Armistice.
Has anyone seen a Court Listing?
If the court date has been delayed (and due to take place in smear future then I’m sure Armistice would happily extend the deadline. Would be crazy for them to pull out at this late stage due to matters outside 4D’s control! I would expect an RNS on Monday clarifying the situation though!!
To quote Boonco /the Rns … we’ve now got one working day left without a stay of execution in order to comply with Armistice's terms which are
“The Company exiting administration by no later than 8.00 a.m. (London time) on 14 February 2023;" is code for midnight on Monday.”
Atm the control of the company still vests with the administrators at this juncture & has done so since 24/6 (so nothing to do with the BOD for once) as such it’s a fair cop to assume they presumably were fully aware of all the Armistice conditions well b4 the official Rns was issued at the end of December 22 (from memory)so I would have thought that the idea of booking an appt for the necessary court hearing to bring us out of administration once the very thing had been signed off would be right at the top of their agenda .
I also realise it’s not like booking a table at the restaurant either but bloody hell here we are with one day left to Meet the requisite terms & not a word or inkling anywhere to be found on the matter
I also fully admit to being unaware of the exact protocol here but is any one truly surprised that here we are yet again ,right down to the wire b4 we hear anything ? Ffs it’s so frustrating . We can but hope Fingers crossed & GLA
This has had more comebacks than this man lately.
Surely it’s all a load of garbage and non of us will ever get any money back and Duncan has robbed it all?
Splitting hairs there!
I was using some licence on the basis that it's very unlikely that it's going to complete in the couple of hours before 8am on the Tuesday morning?
If it's not done on the Monday then it may well not be done at all!
"So out of Administration by midnight on Monday coming to comply with Armistice's terms!"
Only if "The Company exiting administration by no later than 8.00 a.m. (London time) on 14 February 2023;" is code for midnight on Monday.
So out of Administration by midnight on Monday coming to comply with Armistice's terms!
But will it be 2 days, 2 weeks, or the full 2 Months allowable before the re-list?
Some day soon. . .
No need to randomly guess the timeline for exiting admin, just read the RNS from 30th December specifically point b and c of the section titled “Subscritption Agreement” which you’ll find towards the end of the RNS.
Armistices subscription is conditional upon 4D exiting administration by 14th Feb 2023 (point b) and admission will be no later than 2 months following the date of exiting administration (point c).
Under the terms of the Subscription Agreement, Armistice has agreed to invest up to $15,000,000 for the purpose of subscribing for Ordinary Shares and / or Pre-Payment Warrants (the "Subscription").
The Subscription is conditional upon:
a. The requite authorities being passed by the Company's shareholders to give the board of the Company all necessary authorities and waivers to enable the issuance of Ordinary Shares, the Pre-Payment Warrants and the Ordinary Warrants in accordance with the Subscription Agreement and the Loan Agreement;
b. The Company exiting administration by no later than 8.00 a.m. (London time) on 14 February 2023;
c. Admission being effective by no later than 8.00 a.m. (London time) on the business day falling two months following the exit from administration; and
d. For each subscription other than the $6,000,000 funded on Admission, no liquidator, receiver, administrative receiver, administrator, compulsory manager or other similar ofcer has been appointed over the Company.”
Notice of seeking decision of creditors by correspondence
Notice is hereby given by (a) James Richard Clark, Interpath Ltd, 4th Floor, Tailors Corner, Thirsk Row, Leeds, LS1 4DP
David John Pike, Interpath Ltd, 4th Floor, Tailors Corner, Thirsk Row, Leeds, LS1 4DP
to the creditors of (b) 4D Pharma Plc, Interpath Ltd, 4th Floor, Tailors Corner, Thirsk Row, Leeds, LS1 4DP
This form must be received at (c) Interpath Advisory, Interpath Ltd, 4th Floor, Tailors Corner, Thirsk Row, Leeds, LS1 4DP
by 23.59 hours on (d) 10 February 2023 in order to be counted.
Under Rule 15.28 a person is entitled to vote only if they have given to the Joint Administrators, before 23.59 on the decision date, details in writing of the debt which they claim to be due to them from the company and the claim has been duly admitted under Rules 15.28 and 15.33.
Any creditor whose debt is treated as a small debt (ie. £1,000 or less) must still deliver a proof of that debt if they wish to vote.
Any creditor who has opted out from receiving notices may still vote, provided they provide a proof of debt.
Creditors who meet one of the following thresholds: (a) 10% in value of creditors
(b) 10% in number of creditors
(c) 10 creditors
may, within five business days from the date of delivery of this notice, request a physical meeting be held to consider the decision(s). In order to do so a creditor must complete and return the physical meeting requisition form available on the Insolvency Portal at www.ia- insolv.com/case+INTERPATH+FM624A1433.html.
Surely they’ve had 6months to put out a notice to creditors. They can’t have new claims coming after the new financial arrangement being approved by shareholders.
Yes, undoubtedly, BoD have managed to destroy a lot value in the business. However, the high risks of having a high percentage of one's investment in one or two shares are well known. So will go back to my policy of having a relatively small, carefully selected diversified portfolio.
In any case, we are where we are and as you say it's always uplifting and encouraging to have news from the clinical front.
I am unlikely to stay as investor for the medium unless we get new directors / management or, at least a new CEO! But new management has to come with the right credentials in terms of running a successful biotech business.
Michael any positive news here is gratefully received but it still sucks how our BOD led us into this situation and are still at the helm presumably still drawing their increase in salary they were awarded a bit back. I have to get over it but it was the way things were handled by BOD and any gains in the SP will benefit our new backers most. My average from memory is around 70p ish but I threw all my paperwork re DDDD in the bin when we went into admin.
Interpath Advisory has a notice/claim forms on their website stating that Creditors claims must be received by them(IA) by midnight on 10th Feb. 2023, so presumably they are waiting for this date to pass in order to firm up the creditors final claim costs, just in case there are any substantial ones which might creep out of the woodwork between now and then!
That being the case, it may well be another 2-4 working weeks thereafter to submit an application to Courts to lift Administration and allow IA to hand back the company to the Directors and re-list?
So mid-March is probably a realistic target for share trading to re-commence!
Despite the very unfortunate cease in patient recruitment, it s proved fortuitous that enough patients had enrolled in MRx0518 and Keytruda trial prior to admin. That's in the RCC cohort.
Five out of twenty (even, -conservatively- five out of 30 had recruitment continued) is a good enough result to justify the following reaction as target was one in ten(!):
"While the safety and tolerability of MRx0518 lends itself to multiple combinations and indications, the data we have generated in RCC suggests that this provides our most viable route to market."
I don't think we have had anyone in 4D, let alone the CSO, starting to talk about route to market before. Have we?
A reminder that RCC is one of the main applications of Keytruda, MSD s biggest drug by revenue.
Given that the clinical side produces such results, let's hope we will see new CEO that has the credentials to organise the company better and move forward with the business side of things (financing, investors, commercialisation)
Very encouraging on both trial front and talking post admin going forward.
The 1000 bagger dream lives on! ;)
(Regarding the drug, nothing about leaving administration)
Is there any record of the Administrators having even applied to the court to have the Administration removed and re-listing approved. Thought the application would have been put out in an RNS. Or is this them just milking more time/money out of he process?
If there is funding in place for 12 months I can see a bit of a bounce in the short term. However:-
a. The BOD’s needs to be replaced to get some trust back in the Company. How much has this Admin process cost the company and shareholders..
b. A timeline of expected results over the next 12 months needs to be issued and clear. Otherwise come 12 months the fear of further dilution will further impact the share price.
I am however glad that the company isn’t being wound up - so credit to those that have come up with the new funding - albeight at our expense.
As before I will keep for 6 months and review then.
My guess is anything between 5-15p until we get some further news, or further dilution!
More like rise to ~8p+, as 12 month cash runway in place, further updates due. Would not be surprised if we hit double figs fairly quickly. Noted value of peers in this space, we are cheap....
Perhaps they are but it doesnt make them wrong! Duncan has a value for the company, just not the face of it.
Someone on LSE is clearly ****ed off with Duncan presenting for the company. I found the following post there today:
I don't often post here, but thought this was worth sharing. I found it in a Telegram group I am part of.
It's a Petition to ask the board to stop Duncan presenting on behalf of the company as he's crap at it. TBH I completely agree he's crap at this role and I've signed it. It is all anonymous / separate from any account IDs. It reads:
We, the below, petition the board of 4D Pharma Plc as follows:
Over the last two years Duncan has been provided with feedback following some very poor and flawed presentations. In particular it focused on his presentational style, poor lighting/acoustics and general image. In addition, Duncan has been unable to present the value proposition and investment case of 4D concisely. Many times Duncan's ad-hoc and rambling presentation style has led to potentially misleading statements being made and lack of clarity. The feedback asked him to improve this significantly. In the opinion of the petitioners rather than making improvements Duncan has gone backward in this regard and should no longer be the public face of the company to investors and the market in general.
The following link will take you directly to the petition where you need only to add your Shareholder name.
It is otherwise anonymous and there is no connection to your user id.