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They could have easily raised money. I do not believe that bull, I know it's a tough market for raising money but a popular Bio at 3.5p could still have say went to the market and raised say £3 million at 1p, other stocks are raising money and yes some at big discounts but still they push them through. I bet this is where management get the juicy bits for nothing and we end up with feck all. I will be amazed if they return any cash.
A real lesson learned......
Has anyone have a thoughts on the latest RNS
Unusual. A flicker of life?
Bit unexpected - perhaps a flicker of life, I'm still not expecting to get anything worthwhile back though.
without prejudice
that glimmer of light is probably massive sunshine...tucked aside for one of the directors (or their mates) to pick up for a song.....the entire history of rene from mike hunt/john sinden to date is a complete **** show......lets see who next takes over the helm!!!!!!!!!!!!!!!
Freddy,
The same fat cats seem to be keeping control if they can; do you think they have had to take pay cuts to help with the Administration process? Do you think that they made sure they kept their own wages protected when they entered Administration?
'Certain members of key Senior Management, including Iain Ross (Executive Chairman) and Randolph Corteling (Chief Scientific Officer) have remained with the business and continue to support the administrators.'
#cynicismpays
Not sure how I missed this RNS. But either way, I am struggling to see how they can now put together a deal, when they failed to do so before the company was suspended.
Presumably they had already held talks with the main shareholders and other potential investors and lenders and came away empty-handed. What has changed between then and now?
I long ago wrote this off and would advise against anyone getting their hopes up now.
I share the suspicion and cynicism of other posters here in relation to this latest update.
Unless they put a huge amount of their own cash into presumably a new venture (where we would all be wiped out, but able to participate in a new listing for example) then I would rather it went pop. Or rather remained popped.
Actually, even then, the appeal is almost zero, based on their performance and failure when it was a going concern. Idle curiosity nonetheless.
If anybody has read all that today and knows the outcome then post it here, too much for me atm to read during market hours
Cash at Bank
RGP held a number of bank accounts and the Joint Administrators have realised £1,956,529.70 in this regard. This figure includes a balance held in USD, which has been converted to GBP using Bank of England rates as at the date of Administration.
That amount is more than current market cap, minus fees and lots taking a slice but there surely must be a return here and a decent % of the current valuation the shares were suspended at
Well, perhaps they will do the honourable thing and not take too much of the 'cake' (having already drawn plentiful wages in their roles) and return a decent amount of the available cash balance to us shareholders.
Not holding my breath, and not aware of such a thing happening elsewhere before, but that would be a bonus of sorts.
Firesale the assets left, which might cover the fees then that leaves cash around the current market cap so anybody who bought in below 4p might see a good % of their money back, everybody else however, but sometimes when you have accepted something is worth nothing getting something back feels like a bonus.
Absolutely. As shareholders, we are bottom of the food chain, so have zero expectations at this point IMO.
Some money back, not to mention the blight of this ticker on the accounts removed, would be an improvement on the mentally 100% wipe out that was (and still is) anticipated.
Let's see. GLA while we wait for the final curtain call.
£1m hRPC milestone figure mentioned in there, which is interesting. What happens if the company is dissolved, and fosun take hRPC to market? Are those future milestones and any royalties ever payable at that point, in the unlikely event it does get to market?
'A licence agreement with a third party has given rise to a claim of £1,000,000 in relation to a payment for achieving an hRPC milestone. The estimated-to-realise value is given as £900,000, to account for tax that make become due upon receipt of payment. The Joint Administrators are currently assessing this position and intend to shortly commence action to recover any valid amounts due'
I'm a naturally pessimistic person but the way this is being drawn out would point towards some value.... whether we all benefit is of course a different matter