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If the wrap had been open to all institutions it would’ve been massively over subscribed. I got a letter from HSBC yesterday advising me of the offer. Two days after the deadline. !! So many PI’s were forced to buy on the open market and most likely bought RF shares they were off loading. I would have much preferred to buy via the wrap and the proceeds go to Sar rather than those hunts at RF. !! So in reality the BOD even made a balls up of the fund raise. Will they ever learn. ☹️. Gla. Andy.
''My biggest worry for the last few years has been not that the science will fail, but that the closer we get to success, the harder it will get to avoid getting mugged''.
100% agree chumpden (especially having experienced EXACTLY that same scenario last week with Shanta Gold where SHs have just been totally and utterly robbed! 😒😡)
I stand corrected, apols Basil.
Completely agree colbalt. I still wonder if that's why John wasn't originally included in the list of director participants. Ignorance is supposed to be bliss but it doesn't feel blissful at this stage.
Basil, my understanding was that timescales were so short, only brokers on WRAP's client list were approached. It was also quite a modest placing originally. The fact that some brokers were not approached doesn't reflect on the quality of the offer and I don't think any conspiracy should be built around it.
Thing is, regardless of how we got here, RF has had all these shares for next to nothing & they're selling them for next to nothing, mostly to PI's who still see the value here. If they held on to them, they might make serious money. Does anybody here want that to happen? I know I don't.
"Back to normal colour today red red red even though reds my fav colour hate it here".
If you don't like seeing red here you shouldn't be invested (if thats the correct word) in SAR Rayboy. An absolutely useless company.
The WRAP offer was open to all shareholders with decent brokers, if you want to know why your broker didn't participate ask them.
Tim and John are are extremely clever men in their fields. Their backgrounds have probably never involved much more than normal contact with banks re personal/family finance etc.
The RF deal is very complicated as confirmed by many on here, even those with accountancy experience.
Tim and John would have looked to the experts to broker the best deal but in the murky world of this type of finance, were there conflicting interests with the ultimate effect on the company brushed under the carpet?
I remain in blissful ignorance as I neither understand the science nor the finance!
Ofcourse the BOD might not want PIs to hold the upperhand again, as we have in the past. i.e. we know that the wrap was not open to all shareholders. Why not is the question? No doubt we'll get a lot of waffle at some stage about there was not enough time to involve all shareholders etc but the reality is that if this had been offered to as many PI's as possible they could have raised infinitely more funds.
I think so too, forward sold .
Depends if they still hold shares... that may tip them over.
Though personally, I suspect this tranche has been forward sold
Agree, I am trying to get a call with Tim, but no one in the office answers.
Current buy price is 13.65, showing up as a sell
The question is could the BOD have raised more to pay off RF. If the answer is yes, then why did they not. A possible next question is is there anything we the shareholders, can do to change course. The next question would calling an EGM be helpful in getting a change of direction.
2.9 Million shares is probably 2.999% I.e less than 3% so that no threshold is crossed
- if we don’t get a holdings rns , then RF has sold the news shares. I don’t think we will
To normal colour today red red red even though reds my fav colour hate it here
Re-reading the terms of the Equity, RF can at any time request the next tranche of issues once they have exhausted the previous set. I think this is just the next 50% to 65% range of the funds owed to RF. 2.9m taken, remaining 800k owed (after this issue), and this set equates to 300k approx. we're just over halfway through the RF saga.
Damion, they've got used to feeding off investors with raise after raise. I don't think over the past 20 years we've seen much business acumen here otherwise we would be much further forward than we are today....
Good luck, as we are clearly going to need it, Brighty
I see that was the tactic. Tim and Co to blame. PH worth the money.
The only possible way that this makes any sense at all, is that positive news is very very close, why else would they do it. Let’s wait and see.
In fact why are they even talking about spending the extra money on preclinical hasn't every RNS stated that all funds are being directed at 1801, it's like they don't even know what to do with it, how about pay off RF you Muppets or keep it towards P2a or for extended working capital..
Answers?
By the removal of paying RF in "cash" from the RNS and now stating "the Company expects to settle all balances by the issuance of Subscription Shares prior to the Maturity Date" That feels like a kick in the nuts after the extra WRAP raised and to do what crack on with 1802 when they never should of stopped working on it... frustrating as f**k this share.
Let's hope we get a positive RNS soon....GLA
Hopefully you're right. I don't mean to be negative, but I'm desperate that the well-intentioned in and around the company learn from this and win out over the malefactors.
The move to Australia and the recent placing were nimble moves that give me confidence, but perhaps a little too white-knuckle for my liking. Here's to calmer waters, to unmix the metaphors.
It has been a sorry tale since PH were appointed on 29 Oct 21 when the share price was £3.20; the consolidation, which was I guess, recommended by PH was on 4 Feb 22 when the share price £1.85; the calamitous RF funding, again I guess recommended by PH, was on 3 Aug 23 when the share price £0.97p. The price then fell to £0.10p. It has been absolutely shocking.
With right advice we could have raised significant funds at £1 or more quite easily in early 2022 and that is what the broker ie PH should have been recommending at that time. This could have helped fund us through 1801 P1 and 2 and most of 1802. Why didn’t they do that?
Thank goodness long term holders have come to help out this last week or so.
Onwards and upwards from here