Chris Heminway, Exec-Chair at Time To ACT, explains why now is the right time for the Group to IPO. Watch the video here.
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Looks like RF get can request new shares as soon as they run out I was really hoping either Sar would clear the outstanding with additional WRAP raised or there was some timeframe breathing space between issuing shares but seems not....
Bluedreamer - it doesn't work like that.
Since the placing price was 10p, SAR will now never get more than 10p for any new sub shares issued. (RF can try to get as much or as little as they think fit.)
Aber's scenario could still happen. However 10p is the maximum that SAR will get: if the SP slumps under 10p they will get less and more than 8m extra shares will be needed.
Thanks Bridgedogg1.
I certainly do believe that myself too, unless we get shafted that is as the holders of Shanta Gold have just been (although I'd like to think that SD and Co. are of a totally different ilk to that of the utter scumbags that sit on the SHG Board!!!!)
Good luck to you also.
Hi Potnak -- why do you say 106 Million shares once this is done ... If RF sell all now and drop the price to 9p say and then take more and sell at 5p say and so on until the 800K is paid off, we could well find the SP at 2p and total shares > 120 Million if I am not wrong .. For example
Selling the 2.9 Million now drops the price to 10p say
They take their next installment at 10p and sell them all dropping the price to 7p (say)
Then the next installment at 7p all sold dropping the price to 5P
Each time the number of shares given out grows and the price per share drops ...
That is how I read it as the 800K shares are not fixed at 10p as far as I am aware
aber i think this allocation of shares leaves sareum still owing them £800k after the allocation.
no need to pay them back till aug 25, and paying in shares hopefully at a price a lot further on than 10p.
say at £2 a share total shares given to rf to finish their 800k, 400000.
hopefully rf go bust before then, ******s.
parker really should go and the bod hang their heads in shame.
Seems to me they've taken sh offer wrap & now no consideration, back to what we were B4
FFS guys! Cross the bridge when we get to it in 2025. Why are you all hand-wringing as if it is an imminent repayment with a massive shortfall due to us hitting 1p? Let time eat into the problem and understand that cash could still be used. Jeez! Like all here I really want to see RF out or neutralised. This seems to neutralise them after Friday and I would not be surprised if some have been forward sold.
You are quite correct, Aber.
What I was saying is that the rules are now different for shares issued after the placing.
Instead of making a guaranteed approx 10% gain on anything they sell at any price, they can now (as an alternative) make any profit they can get over 10p. So with the SP at 13.75p and a healthy demand, they should be able to sell gradually for 35% profit instead.
It may well be that by committing to issuing shares by the maturity date in August 2025 it just sits as a deferred liability. To commit to cash repayment when we have so little may well require the cash to be accrued and not used. A lot should have changed by Aug 2025 including any future cash position so a cash payment could still be made under the said Terms.
Math Prof is correct, we will just keep giving RF shares until the £800k is paid. It's a sh*t show. Just chucking more dillution on top of dillution. We'll be at 106 million shares when all this is done. We were under 70 million before RF came along. As well as the 90% loss in value, That £2.5 million they lent us will have cost 40 million shares. You can't spin this any other way but appalling.
I've said before - there is a serious appetite for share at this level. Almost 12 million bought through the WRAP (with many unable to purchase through their broker). RF are no longer the threat they were. Even if they go into full 'fire-sale' mode, I don't see a problem.
(for the avoidance of doubt - I don't think the current share price is anything but a disaster. Just that the spectre of RF / lack of funding driving the company into administration has gone)
Mathsprof - I believe you are wrong here -- They can sell at any value .. even 1p ;
In a nutshell they now have 2.9M shares granted and are still owed £800K ; If they sell all 2.9M at 5p say = £145K then they will still be owed 800-145 = £655K ... they then take the next 2 mllion (say) @5p = £100K and so are then owed £555K .. etc
If they sell that 2M @1p = £20K then SAR still owe them £535K
So in a nutshell they could simply collapse the SAR share price but holding would probably be far more profitable unless the tactic is to reduce the SP for a mega hostile takeover !!!!
I am now asking myself why JR never participated in the placing at 10p and just did the salary to shares £22K option
Is he of the opinion this is going very much lower than 10p ????
If so the shareholders and HNWI have been well and truly shafted
Fingers crossed that is not the case
Riverfart will be back selling from Friday. Wait and see. Logic has very little to do with it.
Interesting that RF have been rationed to just 2.9m at present. Anything they get over 10p is all profit!
Expect another 8m shares to follow in due course. I don't think the BOD see any advantage in paying off RF when it can issue copious 10p shares to do so.
It's only 2.9m, and they should be cleared quickly. RF wont want to lower the SP now since its to their advantage to sell at 13.5p or more.
Thoughts why cash has has been removed from todays RNS?
Today’s RNS: The Company expects to settle all balances by the issuance of Subscription Shares prior to the Maturity Date. No further drawdown are expected to be made under the Facility.
March 28th RNS: The Company expects to settle all balances by the issuance of shares or cash payment prior to the Maturity Date. No further drawdown are expected to be made under the Facility.
Also a little bit sad to see this. However, on the positive side, the company is intent on keeping its £2m + cash pile for the advancement of trials / strengthening is hand in any upcoming negotiations. Short term pain for long term gain. Also, As maths Prof showed earlier, big sells are not the problem that they have been.
Oh come on! This was 250p just 2 years ago & was over 440p 3 years ago. We are talking about a current Sareum share price of 13p guys. 13p!! Why the excitement? It's a horror show. i.e. Stephen Parker and Tim Mitchell have been in charge during a calamitous drop in our share price of - 90%+ in 12 months and - 83% in the last 6 months. Even a LTH like me is under water now and I have been buying at the very lowest prices over the last 14 years. It's great to see positivity on here but it does need to be tempered with a dose of reality. i.e. 440p to 10p is a disgrace.
They would be mad selling these now ; Hold on and await news and they could be worth 10-fold+
But if they do decide to sell then this aint going up for some time to come !!!
RF now back in play - Arghhhhhhhhhhh!!!!!!
Really why not settle RF....
Sareum Holdings plc
("Sareum" or the "Company")
Issue of RiverFort Subscription Shares
Cambridge, UK, 9 April 2024 - Sareum Holdings plc (AIM: SAR), a clinical-stage biotechnology company developing next-generation kinase inhibitors for autoimmune disease and cancer, announces that it has issued 2,900,000 new Ordinary Shares in the capital of the Company to RiverFort Global Opportunities PCC Ltd ("RiverFort"), in accordance with the terms of the Facility as announced on 3 August 2023.
As announced on 3 August 2023, the Company entered into an Equity Prepayment Facility with RiverFort (the "Facility"). The Company has drawn £2.3 million to date pursuant to the Facility from two prepayment deposits. After this issue of 2.9m shares to RiverFort, the Company now has an outstanding balance of circa £0.8 million under the Facility. Any balances pursuant to the Facility are not due for repayment until August 2025 (the "Maturity Date") and the Company expects to settle all balances by the issuance of Subscription Shares prior to the Maturity Date.
As noted in Sareum's RNS of 28 March 2024, the Company does not intend to make any further withdrawals pursuant to the Facility with RiverFort.
Admission and Total Voting Rights
Application has been made to the London Stock Exchange plc for the admission of 2,900,000 new Ordinary Shares to trading on AIM ("Admission"). It is expected that Admission will occur at 8.00 a.m. (London time) on Friday 12 April 2024.
Immediately following Admission, the total number of Ordinary Shares in issue will be 98,578,309 and the total number of voting rights will therefore be 98,578,309, and this figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the share capital of the Company under the FCA's Disclosure and Transparency Rules.
Terms and definitions used in this announcement shall have the same meaning as ascribed to them in the Company's announcement dated 3 August 2023, unless otherwise stated.
KR
ZA
Very strange ... I put a 'less than' sign in my text and the message simply ignored everything after that sign
Basically was saying RF had less then 5% of total shares but trashed our SP by 90% .. I expect a return to pre-funding levels as a minimum
GLALTHERS
Fanti - dont thin you need to worry - several sets of news due over coming months - this was the bottom IMO ;
When RF agreed the deal we were sat at 103.5p .... Their sale of possibly
Fanti - dont thin you need to worry - several sets of news due over coming months - this was the bottom IMO ;
When RF agreed the deal we were sat at 103.5p .... Their sale of possibly
I have added 3k shares @ 0,14 few minutes ago. Either way, I can afford the loss but am speculating to cover my loss a bit, of course.
Agreed Aber definitely need a standalone MAD Preliminary results RNS with all the bells & whistles it’s taken enough years to get here, a general trading update needs to be a separate RNS with any mention of RF etc /MAD Pre Results due any day now let’s see how high we can set the bar…