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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
Another placing today at 1.5 euro = 129p
16% spread showing 130p Bid 120 Ask 140p
itsallamess was lucky not to have funds to top up as I did in July 2022 after the 214p placing , spread 15% then.
Did have a chance to get out in profit December 2022 when they pulled back to 360p
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
A lifetime waiting for the jam to arrive.
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!
Had a read through. No real explanation for the financial mess other than the comment about some covenants are outside of the companies control - gearing vs share price - but I don't see this as the reason for the initial breach.
The cash burn is huge and we really need to see a big commercialisation deal before the monies from the post AGM share issue runs out.
Timo agree to be part of 5 million € payers then Carnegie start proposed issue,1-1,50€/share.
It's got to be a real pain In the a## In every way. IMO.
Yes Luck, W'ell see eventually. It'll be a success or not. IMO
I thought I heard them saying the results are excellent e.g. in OS and quality of life. They are confident that the clinical results continue to be at least at reasonable good level. Far more in addition to the results they are constantly developing their understanding how Bex works which increases the likelihood for further success.
Too many false dawns. If Faron are not advanced enough with the results to entice a Major Pharma buyout. What do Major Pharma want 100% result?. No risk at all?. Can you imagine how much more time and how much more money will be needed If that's the case. More Money after that last episode. That of course IF there IS Interest. I'm still up a little on my Investment but terribly disappointed after so much been expected so long ago. I hope for all of us Markku pulls something major out of the hat. AIMO.
Excellent presentation yesterday. Wasn’t that a one kind of a testament? On the table is possibly not only achieving MDS BLA but a form work for casting a fundamental cornerstone for oncology and immunotherapies?
It’s time for Mr Zambeletti to deliver and midwife. Come on and bring it in to the daylight. I’ll invest in the company that acquires us.
What are the odds for an acquisition versus share issue? Acquisition prices are not high now because of some unsuccessful deals like Gileads CD47. The price was close to 5b. That’s why LTHs are holding? How about a valuation in a share issue? hmmm? That is why traders are selling?
Actually the presentation didn’t say anything about a share issue? Correct me if I was wrong.
Think your right Dracula. Looks like a traders share now unfortunately :(
You must be new around here?
Easy money? Ha , never heard that one before.
Not sure Bridge. I had a lot of respect for this Co. But that last hick cup Is very had to take. How It was allowed to happen Is beyond belief for me anyway. That's why I say It's a traders share from now on. By the way I don't trade. Fool me It seems. IMO.