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Bermudashort,
It was me who suggested Vulpes position was untenable based on what I have heard as a background to this situaton and I stress not from the existing board. I agree wat and see how this plays out but in the meantime that will be dictated by how we vote now.
In no way am I trying to see Vulpes in a bad way, just a stuation where I feel knowing the stratagy Vulpes have adopted we are better off on many levels going with Redmile, indeed time will tell.
in
Chelsea,
Have just read your question to me in your 18.20.
Just to be clear, I didn't say that I thought Vulpes' position wasn't untenable, it may well be. I just said that it's too early to make that assumption IMO. That's simply because we have no real idea of the reasons behind their actions, nor do we know what's going on behind the scenes or what conversations are taking place. I just think it might be better to wait and see how this plays out. Funny, not so long ago they were our saviours .
Depending on what posts you're reading we either have Vulpes as the bad boys who apparently are only after cheaper fundings or Redmile who are after World domination and are going to make a start by frightening away all of Scancell's shareholders to acquire the Company on the cheap.
Of course the truth of the matter is that none of us can possibly know the full facts. I don't believe Vulpes are after cheap and frequent fundings, after all they'd simply be diluting themselves. In fact they're probably more worried about the fact that they'll be diluted by Redmile. I'm sure they have perfectly legitimate concerns and I think we all wish we understood a little more about exactly what they are. I also don't believe Redmile's have some sinister ulterior motive.
Despite the calls for more information, Scancell have clearly laid out their position and explained why they believe these funds are important. I'm not sure it's realistic to expect a budgeted forecast and it's not their place to tell us what Vulpes issues are. Only Vulpes can do that and they have chosen not to. So we just have to make our own minds up based on what we know and remembering that it's not a cases of good fund/bad fund, it's simply deciding which route offers the best balance between chances of success and risk.
IMO
C7,
You make a compelling case on some points and in some ways am swayed toward your view. For example, 12 months ago I would probably accepted A big raise at 4p. So why can’t I accept 13p from Redmile. It’s a good question and one I need to ponder.
Just a quick response to your.....
“What is your hesitancy about us having such large resources at our disposal, at a time when we have more platforms than ever before and existing platforms which are now ready for trials“
I think of Apple when they were struggling. I think they had 100 projects on the go. When Steve Jobs went back, he chopped them back to 5. They launched the iPod, iPad and iPhone shortly after and as they say, the rest is history.
The danger is we will end up with 10 platforms 20% complete rather than 1 100%, 1 90% and 1 80% complete. I think the latter will have the better chance of monetisation.
All my opinion and musings, hopefully food for thought?
And Knowlesi, we have spoken several times, no need to twist my words, which is why I rarely got involved in a discussion here. I clearly said....................."" My reference to your post when I commented just a volume of 1.3m, with many buys took us down over 8%"""
Why do you need to twist words, that is clear enough.
Ruck.................it is a legitimate question to ask, nothing more to add other than Rays comments, and what I said before we will find out in the AGM. Simple question really, we have been astonished at times by what Scancell have come up with on small fundings and expenditure, and we have also grown from just 6 employees to 24, most with PhDs, and are planning on adding another key 4 scientists on top of Ursula which hasn"t brought much reaction to the BBs, but I think the statement is very clear. What is your hesitancy about us having such large resources at our disposal, at a time when we have more platforms than ever before and existing platforms which are now ready for trials, whilst ensuring new platforms keep getting developed?? Not a single one of us could have written this back early in the New Year, let alone having an ii of Redmiles stature at the helm at 13p when our M/Cap was just £24m. Funny enough not a single person did write that, wouldn"t you in Lindys shoes (a pretty site I"m sure) and fellow Board members take that and finally take the years of development into the Trials stages and not be distracted by having the funding to do it.??
Not suggesting you are against it, and right to debate the issue, but I keep coming up with the same answer yes, and as empty end further said..............."".one way or another this financing will get done more or less as planned"". agree with that and Vulpes with a stratagy that has been gazzumped will make a big statement that there shares are open for a deal, and by publicly going against the BOD it couldn"t be clearer. I do believe another ii has been lined up to take there holdings, they simply on a financial basis cannot compete with Redmile and from our viewpoint, do Vulpes have the connections they do?? I doubt that, and if being the case they want to build there holding on the cheap would it matter at this stage if they did??
All will be revealed soon.........................
Knowlesi....................hope what you said was just a misunderstanding..................
""3Knowlesi
Posts: 2,546
Price: 13.75
No Opinion
RE: The bottom line..Today 19:09
C7: still not sure how high volume is a positive thing particular when most is selling but thanks for your response.""
Exactly my point Knowlesi, 1.3m volume is NOT a high volume, in fact as you know that is afar lower volume than in recent months, but we fall 8.40%!! And no "most of them were not sells, at all, I will run the numbers again tomorrow,, some took a great opportunity as I mentioned to buy,
As empty end just posted...................."".But I bought just before the close of Friday - one way or another this financing will get done more or less as planned.""....................couldn"t agree more.
GN
Up until now Scancell have not had the cash to expand the trial numbers to something closer to the numbers that big pharma recruit.
Ruck
But with extra money Scancell can expand the numbers on the trial and hence potentially produce much more statistically significant data.
As I recall, the original plan for the SCIB1 combo trial was for 70 patients. This gradually got scaled back and now stands at 25.
Evening empty,
“ I'm one of the new arrivals you refer to”
Who’s your post to, Who is referring to new arrivals?
Crumbs,
Yes, if I can’t decide, I won’t vote. My worry is that others, in exactly the same position (clueless) WILL vote based on nothing but emotion and hearsay.
It could be turkeys voting for Christmas - we just don’t know.
I'm one of the new arrivals you refer to, having bought in primarily because of the prospects for Covidity.
But I bought just before the close of Friday - one way or another this financing will get done more or less as planned. And we have only another week to wait for the SGM update presentation......
Ray,
The moditope trials have been planned for over five years. There were always going to be 4 targets so surely someone can do trial cost multiplied by 4 to work out how much it is going to cost?
If you have not the info you need (which I think the RNS gives and an email to Cliff may clear ) just don't vote and leave it at that then as Vulpes that sold to halt a rise have said nada
Remember Ruck that the modi1 trial is potentially 4 trials. Perhaps this was a major factor is assessing spend, especially if statistically significant data is sought for all 4.
C7,
Yes, I would look forward to hearing the plans. Unfortunately the AGM is too late to use the information to decide which way to vote. It would be good to have a detailed breakdown of how and when the money will be spent.
As for the email, two problems 1) there is no way of verifying the authenticity and 2) if it is authentic you have to question the appropriateness of a BOD member communicating with an individual shareholder.
But like you, I have total trust in LD on the scientific side. I’m not sure finance is her thing.
ATB.
Ray,I hope too someone comes n for Burnley, Dyche has done so well, but I always said by Xmas Chelsea will get it together with so many great signings, and after watching the last few games I think they are genuine contenders.
BOL
Evening Ruck, Yes I am well, considering like all of us this lockdown is hard, particularly as I have been getting stronger in recent months, but the rest of the world doesn"t want to play like I do!!! and I got a letter yesterday from the hospital, just saying what they removed from my bowels is not cancer!!! So now we just have to start on the sugar uptake in the offending lung for the 5th time!!!
Yes I understand what you are saying, but I was lookng forward to the plans have from the AGM on the 9th, which won"t change signifcantly ATM IMHO.
I just feel that Vulpes have their own agenda in taking a bigger stake much cheaper than what Redmle have paid, and in these days to get such investment is a great validaton for our science and I do believe (kind of know) that a Big Pharma has alerted us to Redmiles attention.
Also the rest of the BOD really want this to go through, and I think that says a lot about wanting to step up to trials which lets face it is long overdue now and so important to us. I wasn"t aware until last nght about the e-mail from Lindy being posted on ADVFN, I have seen a copy of it, and regardless of whether it should have been posted or not (I just have no time for the rows) Lindy really wants the resolutions passed. As my trust in her is so vutal for my decisions to keep adding here, I will back her to the hilt and that means a YES vote as she desires.
Evening C7,
Hope you are well? I enjoyed your well constructed post.
I am still undecided. Here is what I put earlier on ADVFN any comments welcome.
Let’s get real for a minute. The extra GBP17.9m from CLNs is to make the balance sheet look good - Scancell have said as much in the adjournment RNS.
The GBP25M already in Scancell?s bank account is more than enough to progress the trials. I suspect that in the next 12 months, Scancell will not get through 10m of that.
It is a window dressing exercise. Do I want to give away a big chunk of the company on the cheap to make the books look good? I’m not sure I do.
I know you (and many others) won’t agree, but that is genuinely where I’m at right now.
I think too, after seeing the trades all week, and there was considerable buying Friday too, that many of us will have sizeable refunds on the OO application for excess shares. I bought 10k in the market last week at 14.37 in the event of the offer being oversubscribed "significantly"", allocated 6.5k shares and asked for 22k, so presuming I get another 10k that takes me back up to 225k, and in the event (or not) will be looking to add 40k in the market, preferably at 11/12p, which I can"t see happening, just on the basis that we have already dropped some 25% from a recent high. I just think in view of 18.50 being paid just days ago, I am only too happy to buy at a level I didn"t think we would see again TBH and I believe there are many who feel the same way....................
GN guys, have a great weekend and stay safe
Hi C7
Yes, I think we need Redmile to buy Burnley.
They've had runs like this before and recovered so hopefully the can find some form from somewhere.
Well done to your lads :-)
Evening Guys, .............Ray...(0v3! Least you have a good view of the table)
Many good posts again, miavoce and hasiba well with you and yes I voted for on Thursday through H/L, just took a few minutes and glad I have.
Bermuda, I saw your post today about your wiew that the boardroom situation is not untenable. Respect all your views, but I think it is. The BOD really want this to go through, I just don"t see particularly if the resolution is blocked how Diggle can sit round a table with the rest of the board?? Perhaps you can comment on that further.
Regardless, I tried to do a quck day trade yesterday, by sellng 30k at 14.50, but the price moved to 14.04 within seconds, so I didn"t. Unrest in the boardroom would normally result in a slight fall the day after, but the positive is that Redmile and Vulpes ultimately want to get a great nvestment from their holdings, so in that they are alligned, except it would seem to be the case that Vulpes wanted to do a series of smaller dilutive raisings to build their holding much lower than 13p, which as a PI doesn"t allign with me.
I just wonder how two of our biggest shareholders can work in concert with such a dfferent stratagy and I do think in time Vulpes will lose their battle and by voting NO will bring their holdings up for offer to the highest bidder, which I am sure has been something that Redmile are working on and a third party will take on Vulpes holding in due course. That is of course IMHO, dependant on whose birdies one takes note of..
In the event of a NO vote being passed which from posts on here I don"t think it will, but will be mightily close though, how long must be allowed before Redmile can give cause for another EGM to pass the resolutions??? My understandng is 3 months, but not sure on that nor the circumstances needed to achieve their stratagy. I am surprised however, that other parties have voted NO, despite the BOD reiterating it is just a few voters, because simply with the platforms we have, notably SCIB1/2, MOD1, Covidity and Glycan/ mabs and a couple of years expenditure covered it is easy to see where the warchest could be utilised, and surely it is the case that the most important steps we take forward is gathering positive data?? which again IMHO could well lead to a NASDAQ listing in the next 2/3 years, realistically??
Knowlesi, sorry tohave not come back to you last night, but I was beyond tired and didn"t really want to debate the SP going down to 4p!! My reference to your post when I commented just a volume of 1.3m, with many buys took us down over 8%. You asked me what was the relevance of that, well I think enough said. Lets get this sorted, the elephant in the room was banished why let it come back in Vulpes??..........well I think we know the answer to that one.
Hi LL
Hargreaves Lansdowne also allow you to inform them of your proxy vote by using their secure message function.
LL,
Many thanks for compiling this list, very useful.
Thanks All for the feedback. AJ Bell (and several others) are on my radar, but I didn't have the info. I'll update my list.
It's not the bottom line .. It's getting it over the line! :)
Anyone have any view on Vulpes block succeeding again and the effect of that? obviously we know the sp would go down but that is just AIM as really scancell would still have more money than ever before and I'd just take that as a buying op... It would create an uncomfortable situation though that would need a further down the line resolution.... Anyways all the neg against or no voter pi's probably amount to 100k of shares between em :p .... Scancell have set out why they want the money Vulpes have said nothing!... I think that says it all
LL, FYI
AJ Bell send a secure message on their website and all you need to do is tick a couple of boxes and click submit to vote. :)