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I’m going for “ approval from health Canada “
Submitted 11th March out of trading halt 10th May nearly 2months , seen this before with FDA approvals
Make or break moment, at least for the time being. I don’t see a UK RNS with similar message, however they must be halted on the LSE too.
Squeaky bum moment.
Need from proactive :
https://www.proactiveinvestors.com/companies/news/948659/mgc-pharmaceuticals-in-trading-halt-pending-announcement-by-the-company-on-artemic-948659.html
Plus a wee reminder about why people are invested:
https://www.proactiveinvestors.com/companies/amp/news/946518/mgc-pharmaceuticals-poised-to-supply-global-phytocannabinoid-market-with-growing-patient-base-and-global-distribution-footprint-946518.html
RNS:
“..... The trading halt will remain until the earlier of an announcement to the market regarding the above or the opening of trade on ASX on 10 May 2021.
Trading in the Company's ordinary securities will continue on LSE during this period.“
Someone explain that one to me ??
Surely be a big panic sell off this morning, I'm unsure what's happening to be honest. Doesn't make alot of sense
It's either going to be very positive news which will send the share price multiples of where we are now of really bad news which will see the share price go to below 1p. No one knows so it's either stick or twist
Could it be a buyout?
The RNS is clear that the halt is "pending the release of an announcement by the Company in relation to further findings on ArtemiCTM".
It means one of two things: either very positive news (e.g. approval by Health Canada or another regulator) or very poor news (e.g. rejection by Health Canada or poor test results).
Simple fact is, we won't know until the announcement is made. If people are going to sell, that may be a gamble they regret...
It is a bit bizarre- is it to stop insider trading? With some info about the trials escaping? But why allow LSE to continue?
"But why allow LSE to continue?"
Different exchanges have different rules.
Regulator,
Exactly.
Different exchanges have different rules. Have seen this many times with stocks on ASX. Equally, where ASX is halted and AIM continues. Nothing new here, completely normal.
As disclosed, the pending announcement is "pending the release of an announcement by the Company in relation to further findings on ArtemiCTM"
No panic, chill.
BB2.
Not decamping but just trying to analyse this. If they were about to get approval in Canada or other very +ve news that might drive a major SP hike would they do this? Secondly, the words are interesting; "further findings on ArtemiCTM”. Surely an approval would come under ‘developments’ or ‘announcements’ but ‘findings’ to me implies something gleaned from tests or data. I therefore tend to think there is an issue with some of the approval process based on this data/findings and they are looking to avoid an over-reaction in the market. It's at SP today without Canada but if Canada delayed or off then it will take a big dive. Hope I’m wrong and won’t sell anyway (just go long-er) but Opinions welcome?
The same thing happened on 5th August 2020 - before this announcement on 07th August
https://wcsecure.weblink.com.au/pdf/MXC/02264229.pdf
Its standard procedure on asx trading halts are issued when market sensitive news is due will resume today .