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On 19 March’24, I posted that Scancell Holdings had made a filing of a “Statement of capital following allotment of shares” at Companies House that day. It showed that 1,000,000 shares have been allotted at a price of 10 pence each:-
https://find-and-update.company-information.service.gov.uk/company/06564638/filing-history
It did not make sense because no share options for 10 pence could be found in Scancell’s accounts. I raised the question with Scancell and they have emailed the following response:-
“I apologise that your email has not been responded to earlier.
Unfortunately, there was an error on the SH01 form filed at Companies House and the allotment price shown should have been £0.045 not £0.1. An amended SH01 has been submitted to Companies House and their site will be updated in due course.
The allotment related to the exercise of share options, and I’ve attached a copy of the relevant RNS.”
This is the RNS they attached:-
https://www.lse.co.uk/rns/SCLP/block-listing-application-to-aim-i1jcwgms4055mk9.html
So, it was Richard Goodfellow exercising another 1,000,000 of his 4.5 pence options.
JB1 - thanks for sharing with the BB. Much appreciated.
That's a pretty epic mistake to make!
Not only is it 50% less revenue generated from the sale of the shares, but a number of people inferred from the exercise of the option that Scancell weren't in a close period. I could well imagine a number of sells went through on that basis - if I remember correctly the price dropped that day.
Johnny,
Thanks for spotting this in the first place and then finding the answer - great research.
Thanks jb1, so it is seems likely Richard Goodfellow has sold a million recently, unless he exercised them for a different reason than to raise money (only thing I can think of is to gift the shares to someone else?).
Would explain a lot, and as he is now retired, understandable he wants to cash some in. Reassuring it was only a million as he has a lot more options than this I think.
It was always obviously Goodfellow (or someone else no longer involves) and will clearly have been driven by tax-planning, to “take the taxable gain” at a time when the share price was low (and so the gain and tax on it will also be low). There will doubtless be another round very soon for 24/25.
Not impressed by an error in the published details - there is no excuse for sloppy errors re the exercise price!
Moonparty -
RG has already exercised one tranche so this is the second. I think he has approx. 600k left.
Excellent post @konara at 10:51.
So Scancell could likely still be in closed period as you say, and yes I wonder how many sold on that RNS?
Btw why have they not RNS'd a correction though?
WTP, Probably the fear of causing another drop In the SP. IMO
Yes I’m sure that was it Dracula 🙄
Https://find-and-update.company-information.service.gov.uk/company/06564638/filing-history
@JB1 is thus the correction you were expecting?
Scancell’s Web page still has errors.....LDs options @ 4.5p with the wrong expiry date. The option date was extended .
WTP
Good spot but no, that SH01 relates to two different tranches of shares and are in addition to the 1m exercised by Richard Goodfellow. Number of share options being exercised this time - 120k @ 8.15p and 40K @ 5.25p. Total shares in issue now stands at 928979977.
You may remember that in May 2020 the senior management team took a 25% pay cut for 3 months due to Covid. At the same time they were all granted 1m share options each with a strike price of 8.15p. So John Chiplin, Cliff Holloway, Lindy Durrant, Sally Adams, Richard Goodfellow and Keith Green all have 1m options at 8.15p - could be any one of those but the small no. of shares involved makes me think that it's more likely to be other members of staff exercising options awarded as part of the Company's share incentive scheme.