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This is early stage phama and to get a deal of this magnitude for one of several products with more to come is amazing. Those commenting on time lines are traders as best and more likely looking for an entry, the usual stuff so just ignore, it gets boring over the years across LSE. This is an 'investors' share that will grow and add value as more deals come in to the ultimate sale of the products/company - the CEO has done it before and will do it again here. Hold, add where you can at these silly prices, and the rewards will come. Today is a good day for starters, as reflected in the rise. SL
Ha
You know how I know sausage is a woman.
Because men are logical and no man would waste their time writing on a company they don't own, and there's obviously something personal because, "Hell hath no fury like a woman scorned"
Whahaha!!
More deals to come sausage you twerp .. they are building a business here - we are not all in for Friday's fish and chip money .. there is one reason you post what you post ... go try it one elsewhere. you are finally green boxed ..
You didnt see the 20% rise then, Congratulations, green boxed on first post.
This was also 9p two months ago prior to a deal. That will be blown out the water as things progress ...
PDC? sound more like a POS with more dilution.
Bring on the placing? They have raised a tiny 600k which secures the company for a year with 1.5-2.5 coming in on the deal initially- read!! Pales into insignificance with 50m in royalties, x10 mc. more deals to come - any one deramping this looks f&cking stupid...
"Within 3 years, PDC to develop at least one of the Midkine antibodies within the SPV to the completion of a Phase 1 trial and then, upon success, to complete a trade sale of the SPV"
£584,915 (after issue discount and fees) ("CLN Offer"), to bolster the Company's cash reserves and provide sufficient funding, in conjunction with existing cash reserves, for the Company for at least 12 months
Put it together folks, the money isn't arriving for at least a year and potentially 3 YEARs.
If you want out, todays spike is an ideal time to do so
LOL, lots of people going to get sucked in here by the Twitterarti crew today.
Read and understand the RNS,
1) signing of a term sheet for the out-licensing, yes but...
- guaranteed share of the trade sale proceeds on successful completion of Phase 1 clinical trials
- PDC will develop one or more of the Midkine antibodies within a new Special Purpose Vehicle ("SPV") to complete the Phase 1 clinical trial and then seek a trade sale of the SPV
- exclusivity to 31 December 2024
So the trade sales only happens after successful completion of Phase 1 clinical trials, but
Within 3 years, PDC to develop at least one of the Midkine antibodies within the SPV to the completion of a Phase 1 trial and then, upon success, to complete a trade sale of the SPV
So PDC have 3 YEARS to complete Phase 1 trials, so any trade sale proceeds could be 3 YEARS AWAY !!!!
Roquefort Therapeutics will receive circa 24% from any successful trade sale proceeds, which if the Phase 1 trial is successful
ONLY if the phase 1 clinical trials which could take 3 YEARS are successful will ROQ receive it's cut of the money.
Roquefort Therapeutics is now working with PDC to complete due diligence and has commenced the drafting of the definitive licence agreement.
So the deal isn't even signed, and they have to do due diligence on all the data, and we know the history of ROQ's data don't we (if not Google it !!)
If the deal was so good and they are expecting the money soon, why then issue a RNS stating
Roquefort Therapeutics has received commitments for £655,000 of convertible loan notes to existing and new investors to raise net proceeds of £584,915 (after issue discount and fees) ("CLN Offer"), to bolster the Company's cash reserves and provide sufficient funding, in conjunction with existing cash reserves, for the Company for at least 12 months,
So they clearly don't expect the money in the next 12 months as they've just issued a death spiral CLN offer to cover the next 12 months.
Back to bed folks for potentially the next 3 years.
Read both RNSs and understand them.
Anyone else expecting a TR1 in the coming days as people who have been locked in here for years finally get out today.
Good luck,
As I said lackluster
Nothing will come off this until they confirm
Since we’re copy & pasting………
“We have also announced deal terms with PDC for our Midkine antibody portfolio earlier today and expect to complete additional and potentially larger transactions in the second half of this year. This funding provides the Company with the time and flexibility required to complete the PDC transaction and other transactions we are negotiating”
The negatives:
1-2.5M USD upfront only
PHASE 1
Shareholder Value after PHASE 1
Licensing deal not concluded
"We are pleased to announce this therapeutic licencing deal with an initial payment which is likely to include $1.25-2.5M upfront and a 24% share of what is substantial potential upside. PDC is a great partner with a strong track record of completing clinical trials and we are confident they will accelerate development of the Midkine antibodies into the clinic. Upon a successful Phase 1 exit, this would create significant returns to the SPV shareholders. We believe this is a good deal for all parties and it validates our business model and highlights our deal making capabilities. We expect to conclude this licensing agreement as soon as possible.
The rampers trying to suck people in but not looking at the CLN RNS.
Bring on the placing......i guess
Well Sausage. What say you now.
As a sausage I'd say you're well and truly skewered, and about to be barbequed!!
🤣
What a deal! mc only 5m!! should boom ...
So let's look at what we know
· Cash at year end 31 December 2022 of £2,322,974
· Cash at year end 31 December 2023 of £537,322 (however this contained £200,000 from Randox, so lets set that to one side)
So
· Cash at year end 31 December 2023 of £337,322 (£537,322 - £200,000 Randox)
So
between 31 December 2022 and 31 December 2023 ROQ spent £1,985,652 (£2,322,974 - £337,322)
So
£1,985,652/12 = £165,471 AVERAGE monthly burn rate
This average burn rate is made up of IN PART
Research and development costs incurred for the year ended 31 December 2023 were £620,159 or £51,679 ON AVERAGE a month
Group wages and salaries £929,019 + N.I and other Social Security £98,363 + Pension £54,949 = £1,082,331 for the year ended 31 December 2023 or £90,194 ON AVERAGE a month
REMEMBER, ROQ spent £1,985,652 between 31 December 2022 and 31 December 2023, of which over a cool £1,000,000 was taken out by the salaries of the 10 employees (Average number of employees during the year (including Directors full time equivalent)
R&D and wage coats add up £141,873 ON AVERAGE a month, so a burn rate (if ROQ continue the undertake R&D at the same rate/price) of around ON AVERAGE £165,471 isn't far off based on the above figures.
So......
Having £537,322 in the bank 31 December 2023 / £165,471 (AVERAGE burn rate per month) = 3.2 months.
So that would cover January, February, March and a part of April if ROQ continued at the same AVERAGE burn rate.
On the 5th April (1 month ago today) ROQ RNS'd that they had commenced a process of market soundings in relation to a potential fundraise, but had decided to not proceed with any potential placing at that time. I still believe that companies start the process of a potential fundraise because they need funds not because they'd like to simply have a chat about fundraising.
So we are now a month later, another months salary and associated costs have gone out from ROQ ( £90,194 ON AVERAGE a month) and R&D costs (£51,679 ON AVERAGE a month)
So something has changed on the average burn rate for ROQ to survive this long without placing, remember the Company expects the next milestone payment from Randox to be achieved in Q4 of 2024. So there has been no RNS about receiving funds (from Randox)
Either,
The R&D costs have been reduced, i.e. less R&D is taking place.
They have reduced the salary & associated costs, remember the total remuneration of the highest paid director was £305,800 (at year end 31 December 2023).
They have switched off the lights when they go home to save the electricity bill !!!
Anyone have any ideas on how ROQ are still financially operating?
Tell us something positive that ROQ have delivered, not promised to deliver, but actually delivered, say in the last 6 months.
No jam tomorrow stuff, what has been delivered.
Over to you.
Still lurking in a dark corner trying to spin negatives as a non holder. I wish i had as much going on in my life as you .. how fulfilling! :)
Well another months salary paid out to ROQ employees.
It's been three weeks now since ROQ apparently, according to the Twitterarti, just went to gauge interest on fund raising and the shares dropped 40%.
We haven't been told they've raised any money or signed any deals so can only presume the money situation it the same - one moths salary and ongoing running costs.
The market hasn't forgotten ROQ needs money, there was no bounce back. Can't see a lot of buying in here until the placing happens.
Annual report year ending 2023
The Directors plan to raise further funds during 2024 (either through licencing deals and/or other financing arrangements) and have reasonable expectations that sufficient cash will be raised (either through licencing deals and/or other financing arrangements) to fund the planned operations of the Group for a period of at least 12 months from the date of approval of these financial statements. The funding requirement indicates that a material uncertainty exists which may cast significant doubt over the Group's and Company's ability to continue as a going concern, and therefore its ability to realise its assets and discharge its liabilities in the normal course of business.
Annual report year ending 2022
"The Directors plan to raise further funds during 2023 (either through licencing deals and/or equity placements) and have reasonable expectations that sufficient cash will be raised to fund the planned operations of the Group for a period of at least 12 months from the date of approval of these financial statements. The funding requirement indicates that a material uncertainty exists which may cast significant doubt over the Group’s and Company’s ability to continue as a going concern, and therefore its ability to realise its assets and discharge its liabilities in the normal course of business. "
Looks like a fairly standard thing that ROQ includes in it's annual accounts, so far with limited success on the licensing and fund raising side.
''Roquefort Therapeutics is well positioned in this market to create shareholder value by securing a licencing deal, with newly validated targets (like STAT-6 and Midkine) novel modalities (like siRNA, mRNA and cell therapy) garnering high deal values because they offer the potential to create first-in-class medicines which have a greater likelihood of generating blockbuster (multi-billion dollar) revenues''
Well done for creating an account purely to deramp here, congratulations.
from the annual report "The Directors plan to raise further funds during 2024 (either through licencing deals and/or other financing arrangements) and have reasonable expectations that sufficient cash will be raised (either through licencing deals and/or other financing arrangements)
so you can stop your nonsense now.
Where are we now??
The truth is no-one knows except the insiders.
We all know they needed cash in March. March came and went with no deal, and not even the PE investor offering anything.
Radio silence means they have no plan to tell us, the owners of the company. No-one seems to want to lend them money which also tells me their deal is non existent otherwise they would have wanted to tell us.
It's a bad, bad situation and it's getting more and more absurd. ( to quote the man)
Looks like they've failed