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Sax the jam was supposed to be about 2 years ago If memory serves me correctly. Do you not remember the SSV quotation from Markku. Being Led up the garden path comes to mind. IMO
As always Sax i admire your optimism but Faron really are just looking like any other AIM listed shambles. i pray you are correct but once again we see just more placing, more corporate incompetence, encouraging but little results which take forever to materialise. all time whilst people in the business are taking big salaries.
Not sure how they have achieved this 25% saving in employee costs ? Possibly management have tightened their belts , or deferred some of their benefits ( Markku is not taking a salary at present ) . I don't see them cutting a quarter of the workforce . Cutting the conference attendances , show trips etc and hobnobbing events will probably save a fair amount .
20% overall reduction . Which as pointed out is quite prudent , as their cash burn ( with the accelerated push ) has been high .
Faron has completed an overall cost reduction plan that eliminated over 20% of operating expenses including a 25% reduction in employee-related expenditure. Cash burn for the first half of 2024 is estimated at EUR 2.5 million per month declining to approximately EUR 2.0 million per month in the second half of the year.
Well , we knew the jam wasn't going to be today . At least we know there is some jam , and investors out there ready to step up and fund us .
Good to see EIC still involved and actively helping out .
So now they can crack on with the other 27m ( probably at around 1.50 I expect )
Then the SP may start working its way up as the market starts getting excited about either Faron getting a drug to market at long last , or one of the circling partners finally making a play .
With preference to existing shareholders however , it will be interesting to see how the SP reacts , as once the funding is done , the SP shouldn't sit at this level for too long
We are probably looking at raising money via issuing more shares on Monday..
We all know the score, faron has tried to progress without Co start dilution.. but they need cash.
Either more shares are issued or a big pharma steps in
If there's a share issue at a discount, I'm gonna buy more..
Pretty sure they have to put that kind of disclaimer in . Either way . SP hasn't tanked further , so assume most ( like me) are just holding now for AGM .
Its only 3 trading days until that AGM ( next Friday)
Then they should be able to pass resolutions to allow the proper fundraise to be put into action - or gives them the ammunition for any partnership tie up ( ie with equity ).
Yes West not good enough. What reason for no explanation?. This was No hick cup as stated. SHs lost half of their Investment. Just asking the more knowledgeable Investors. With all the excellent results being continually being reported on Bex. Does It seem reasonable a case to believe that Faron maybe taken private?. Especially when you hear In the RNS of no guarantee of that £5Ml being raised?. In contrast to above does It seem as the all the major SHs are happy with the situation?. After all there are Pension policies Invested. Are they satisfied with the situation?. Open to correction. IMO
Hi Dracula1,yes my thoughts exactlly.Timo the largest single invester in Faron made a paper loss of around 20 million euros on the drop in the SP in February,so it would be in his interest to keep Faron afloat,so they can get Bex over the line and approved.
Anybody have a clue what's going on here? Without any proper explanation from Faron of what exactly happened to allow this situation to occur?. The way I see It and please feel free to correct me where you feel I'm Incorrect This Co up to the last Giant Hick cup was supported by well established Cos and private Investors. Why have they not come to the rescue when this situation arose after all It would be a pittance against what they have already Invested? For what reason was It allowed to happen? Did I not hear Markku oozing with confidence every time he spoke of Bex?. In the last presentation did I not hear him mention Billions when asked by the Interviewer for a value on Bex?. So Why was this Allowed to happen?. AIMO.
Hmmm , seriously , you like that? Pretty opaque if you ask me.
And the so called SSV???.
At the end of the todays rns
“The Company's current cash balance is sufficient to allow the Faron to continue its operations into April 2024, however whilst the Company is in advanced negotiations to complete the remaining bridge financing of approximately EUR 5 million shortly, the Company notes that there is no guarantee that the required funds will be raised.
The Company will update the market in due course of any material developments as soon as practicable.”
I like that!