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metis20 - what was your vehicle for Buying SMMT ADR'S ?
Bought some SMMT ADRs into my Interactive Investor ISA earlier today.
Bought some into my interactive investor isa earlierr today.
Surely Duggan will have to make a bid for the company if he is going to own 72 percent ??
Thanks Chris - I'll wait to hear more. On the face of it all seems reasonable to me. Bob Duggan previously bought $25m @ $1.60 (SP rallied) and now adding another $47.5M to the pot @ $1.45 (equivalent), fair enough. We'd all have liked to see another add @ $1.60+ but his contribution seems very welcome. Anyone hoping for a takeover shouldn't be disappointed either, buys more time to add more value. Be interesting to hear the logistics of the delisting. I hold my AIM shares in an ii ISA but not sure ADRs were allowed in it?
what i find most worrying today is Chipmunk1 post that got a rec , just shows the scum that frequent these boards.
Summit Therapeutics well placed in the race to find next-generation antibiotic:
http://www.proactiveinvestors.co.uk/companies/news/218703/summit-therapeutics-well-placed-in-the-race-to-find-next-generation-antibiotic-218703.html
Hi All - I think it is just a matter of waiting re conversion & feel sure things will become much clearer in the near future.What ever happens our UK shares are still 'legal' just not being traded on AIM.I for one will be moving onto NASDAQ once the route is known it is a question for the 23rd December meeting which I will be attending.
I’ve the same query .. and what are the fiscal implications also
If delisted on AIM - do our shares then automatically get transferred into ADRs? - sorry if this is obvious to others..
A lot of people are in the same position. Harbouring a long term loss. May as well stick with it as an alternative to complete loss. Duggan is no fool which does not mean he is always right but may as well continue with the punt.
Hi Chris, I sincerely hope it all goes well for you & if ridinilazole does get launched & it looks like the board are confident then well !! You don't need me to tell you.
ATB
Hi All Currently I have a huge paper loss so I will be converting to the listing on the NASDAQ & may top up latter if another of my investments fly.
Clearly Summit have hit their 'Last chance saloon' moment & I am not surprised at the timing as the 3rd Qtrs results are due out this month which would have been heavily qualified.
Feeling a little sore but better than a complete write off.
$50.0 million (before expenses) to be raised through a subscription (“Subscription”) of 166,157,050 new ordinary shares of one penny each in the Company (“Subscription Shares”) and the placing (the “Placing”) of 9,221,400 new ordinary shares of one penny each in the Company (“Placing Shares”) at a subscription and placing price of 22.1 pence per new ordinary share (“Offer Price”).
Basically if im right five ordinary share will get you one nasdaq share. So five shares will be worth 1.45 USD @ Current exchange rate is £1.10 GBP.
Please forgive me if i am reading this wrong !!
screwed big time.
After all this time and investment ... so what happens to us PI’s ?
SUMM has been creative in the past when raising funds, obtaining grants and selling licenses to market their products on aGeographical basis.
That gets harder to do in the absence of commercial success but me t’s hope they can pull one more deal out of the bag now, perhaps from an NGO that supports new antibiotics. They are surely needed.
Imm is funded for phase 3-with more deals in the pipeline.
Summit runs out of money in January ish 2020. They have a shareholder that owns 48% of the company which he bought for about 20pish a share. He could easily buy the whole lot for around 30p per share. Summit have potentially a great drug but are running out of time and money. Easy-there is no 'possibly' about them running out of money-that are-and the CEO says that they are. The current share price reflects that fact. Clearly this will change if money arrives-best case non-dilutive-next best dilutive-worst case takeover at around 30p.
Sad but true.
That's all.
I was one of the lucky ones (there will be others here) who followed a hunch on IMM and have enjoyed a very good day.
That said, I believe the potential story here equally compelling but it will take more time, possibly more money but will be worth the wait if a new antibiotic emerges from this company.
What about the 200,000+ sell?
Wow !!!!!!
Nice chunky 100k buy there......
Chris, The CEO would be 'chippy' if Duggan had told him if necessary he would buy it all and look after him with some sort of bonus equivalent to his share option arrangement.
GlaxoSmithKline kick-starts first-of-its-kind late-stage antibiotic test
http://www.fiercebiotech.com/biotech/glaxosmithkline-kickstarts-first-its-kind-late-stage-antibiotic-test