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I suspect this is market speak for gone bust.
MXC share suspension will be lifeted on April 10th.
They will resume trading under the SE ticker RGT.
Um, shares have been halted. Anyways nowt to see here now, just awaiting the final winding up process...
All very quiet here....
28 March 2024
ASX Code: MXC
LSE Code: MXC
Refinancing of Convertible Securities Agreement
MGC Pharmaceuticals Ltd (‘MGC Pharma’ or ‘the Company’) wishes to advise that it has executed a
Deed of Variation with Mercer Street Global Opportunity Fund, LLC (Mercer) in respect of the convertible
securities agreement entered into between the Company and Mercer in 2020. This includes the
refinancing of 500,000 convertible notes from the 2020 convertible note facility (Notes) which totals
$2,100,000. A commercial agreement has been reached by which the minimum conversion price of the
Notes has been reduced from not less than $10.00 to not less than $0.35. Further details in respect of
the variation to the Notes are set out below.
Variation to 2020 Convertible Securities Agreement
As announced on 10 September 2020, the Company entered into an agreement with Mercer (2020
Agreement), whereby Mercer conditionally agreed to provide the Company with up to $15 million in
funding, via subscriptions for convertible notes in the Company with a face value of AUD$1.00 each.
As at the date of this announcement 2,100,000 convertible notes pursuant to the terms of the 2020
Agreement remain on issue.
The Company and Mercer have agreed to amend the minimum conversion price of 500,000 Notes under
the 2020 Agreement (which had amendments approved at a meeting of Shareholders1
) from “not less
than $10.00” (post consolidation) to “not less than $0.35” (post consolidation). The issue of any
conversion shares as a result of the amendment of the minimum conversion price will be made under
the Company’s existing placement capacity under Listing Rule 7.1.
The Company intends to reach additional agreements with Mercer to amend the terms of the remaining
2020 convertible note facility and the 2022 convertible note facility2
.
—Ends—
“MXC is a prominent European pharmaceutical company……” nearly fell of my seat.
This share is currently losing me 99,5% value wise and has been consolidated to almost nothing.
The Boards greatest concern is the name of the company?
And how much is to be squandered on this completely unnecessary venture?
My votes are in. Against on every proposal. Including the allocation of bonus, but worthless shares.
Winding the company up will be less painful than going down this rabbit hole.
As shopfronts go, Darth, it's not very well lit.
From latest GM Documents: 'The Board proposes this change of name [to Argent Biopharma] on the basis that it believes the proposed name more accurately reflects the future operations of the Company.'
The term Biopharma might be slightly more precise. However, the name Argent provides a very useful separation from the somewhat obscure MGC and its dismal performance since it was listed in the UK. Could that be a more likely reason for the name change?
Meanwhile, looking at the Malta premises on Google (it's marked in the Hal Far Industrial Estate, Birżebbuġa) I expected to see a large glasshouse on the roof (as per drawings in the Edison Report dated 10/7/2019 on the MGC website) but the satellite image appears to pre-date the installation. The site has a five star rating on Google by a chap who gives no reason, no photo and possibly clicked on it by mistake whilst adding other places in the area. You'd think this stunning facility, funded by shareholders, would be a star feature on the MGC website wouldn't you?
So many questions....
Lol mgc has to be a shop front for something else :).
Ha! No kidding Darth?
But this is a prominent European pharmaceutical company isn't it?
The website contains very pretty family snaps but surprisingly does not include any of the 'new, large scale production facilities' in Malta or give contact details for sales, enquiries or its corporate HQ , which it says is in the UK - but isn't it in Australia (very prominent on the map) ?.
How many employees are there and what key research, sales and production activities are being undertaken?
After all, according to the website, MGC Pharma has built strong relationships to produce the most rigorous research and develop a high-quality clinical pipeline with the most qualified, passionate experts in the pharmaceutical industry....
Lots of superlatives but no names, quotes or details.
It's hard to believe it exists based on the lack of substance there. Speaking of which, I must have another drag.
Kalhussain: I guess a proposed name change is not significant enough to notify shareholders by RNS .
It's dead jim...
Have a read at this it tells you about the name change, and lots of other info.
https://www.investi.com.au/api/announcements/mxc/26603a17-de0.pdf
There doesn’t appear to have been an RNS here about the proposed name change to Argent BioPharma, as reported in businessofcannabis.com .
I dumped shares in this outfit a couple of years ago when I realised that information about it was very scant and unconvincing.
The website is superficial (check out the 'about us' section) with stock photos and no substantive detail about corporate addresses in UK, Australia, Malta, or elsewhere for that matter. No key qualified research staff are mentioned- it’s even less convincing than it was when I last checked it out and has all the features of a well presented scam. If the company is genuine then it's not surprising that it is failing.
Agree slaphead, made my biggest ever loss on this pile of absolute 💩💩💩💩
Then they will announce another x thousand consolidation!! They wouldn't allow me to say thousand in numbers
Who cares?
Only another 17p in "new money" to go to zero. Shorters paradise. In "old money" it is at 0.000000016 :)
Won't be long before they switch the light off and close their doors. Bod all con artists and jokers. They should all be put in jail.
And at Graft Polymer another of their companies:
https://www.lse.co.uk/rns/GPL/placing-of-new-ordinary-shares-vw04awybxzd9j89.html
Wild, not. Another country approval, likw the US as Roby referenced hasnt saved this wannabe covid blovkbuster treatment and much wow sales lol. Zzzzzzzzz
What a complete and utter dog this turned out to be, Jesus.
Cannot get live price to sell a 1000.
I also noticed that the shares shown as sells are infact buys. I know this as I've been buying in over a period of weeks since the restructuring. With so little shares issued. I still have faith MXC will come good. Jack
I see Spreadex are buying in John Story. Likes to play both sides get companies to sell him huge amount of stock for nothing rides it up then shorts it. so bent. He did it with Chill
Sorry but his non apology is BS all original investors will never recover their losses. I do hope the drugs etc work out as its a benefit to the world. That's what i invested in shame the company doesn't feel the same way to its shareholders. Gl