Member Info for AB124

Chester,
Missed a bit from your earlier response.

"In that 'alternate universe' Scancell may have huge cash reserves but still have the possibility that a Redmile's conversion of the outstanding CLN's means they will have well over 30% of the stock.

So how do we navigate that issue if we cannot regain control by paying off the loans ?"

If Scancell as a company needs GBP30m and RM has that cash to offer you have to take the terms offered.
Oh no, The lender's got the company by the short and ****ies! They can control the company!!!!
Surely Scancell realised this?

Several possibilities are left.
1 The Company expects to make many more share issues and will dilute RM out of the water?
2 The Company's last CEO was an idiot and ignored all the legal advice that would have been taken.
3 The Company was well aware of the difficulty in getting such funds at the time it needed it and was comfortable with the control that would be held by the lender
4 The Company was reckless and didn't realise what could happen even though a poster on a BB raised the alarm.
5 The Lender and the Company were happy that they could resolve the business plan and get trial data by 2022 (subsequently updated to 2025 due to World events that could never have realistically been foreseen).

I'll go for numbers 3 and 5. The package was good for the requirements placed on the borrower, and if the timescale for completion of the funding was radically wrong the BOD in place at the time of the negotiations have only themselves to blame.
I doubt it was wrong so actually I'd say that as we stand at the moment the package is positive for Shareholders and trying to suggest that Scancell should have to work out a way to get rid of Redmile's controlling interest by attempting to repay them the principal amount of the CLNs GBP 30M is not only scurrilous but also is spitting in the eye of what might eventually prove to have been a saviour for a terribly underfunded Company in 2020.
I've purposely only looked at the GBP30m extra issue of CLNs to RM in October (?) 2020 for this post.
AIMO

Forgot to mention most here think that Scancell will likely receive a Takeover offer when the Data starts to flow.
Since the terms of RM's CLNs mention a takeover offer for the company allowing conversion prior to 2025 (even at 50p/share) RM will make GBP80m+) I can't see a problem for their conversion taking place as they wouldn't need to make a bid as one had been already tabled.
AIMO

Chester,
The CLN is by definition prior charge capital meaning that it ranks above equity in the event of a liquidation of the company. This gives RM the security it required when making the loan to Scancell in the first place.
Should RM want to make the most of its investment in Scancell (in the event of its GBP30m
Loan helping the company turn into a GBP 1Bn company (far from definite but not impossible) it could transfer sufficient of its existing holding to allow conversion of its CLNs without triggering a bid requirement. The idea of paying off the original loan amount rather than the enhanced value of RMs holding of 230 odd million shares under the conversion terms is laughable.
RM still make over GPB 80m even at 50p.
Good deal I'd say.
AIMO

Finally, reference

hxxps://www.scancell.co.uk/Data/Sites/1/media/fininfo/circular-october-2020.pdf

Sorry Stakis forgot to mention that the CLNs are covered by the following clause:-
"No Conversion can occur prior to the Redemption Date,
save for in the event of a takeover offer being made to shareholders of the Company or upon a Nasdaq
listing"
Think that covers it pretty well.

Stakis,
If the shares in issue had not increased at the time of any conversion by RM (and the rules regarding holdings by shareholders in public companies had not changed) the single most obvious effect would be that RM would be required to bid for Scancell.

Chester
Back to a sensible Keyboard.
For clarity, last night's post should have read,
Chester,
The CLNs are CONVERTIBLE Loan Notes and give RM the comfort of a final redemption date/cap repayment by 2025 but they also cement RM's control through equity in the company. Why do you think that they would be "settled" if a part of the IP were to be sold?
I also agree with Konar's comments.

Apols, am typing on a tablet
First line below S/B,
The CLNs are....and give RM the comfort et seq.
Again, sorry....

Chester
The CONs are Convertible Loan Notes and give TH the comfort of a final redemption date/cap repayment by 2025 but they also cement RMs control through equity in the company. Why do you think that they would be "settled" if a part of the up were to be sold?

Cleanerworld
It's hardly a share drop, all that's happened is that someone's hit a platform bid with a tiny sale.
ATM if you wanted to buy 182 shares as I write you'd post a 12.8p marker on daily trade sheets which I think says it all.
If you wanted to sell 75k shares you'd post a trade price of 12.55p and 100k would produce trade price sub 12.5p.
Nothing to worry about if you look at the chart for the last couple of weeks.
I think it shows how illiquid the markets become as we await the first trial indicators, but when the Data starts hopefully we'll see some more robust prices.
In the meantime we can all enjoy(?) the weather!
AIMO

Can buy GBP10K for 81p even ATM

PLEASE PLEASE don't take this the wrong way but why do people think there is a need to promote Scancell?
I believe all we really need for the SP to improve (or Boom or whatever anyone thinks it should) is for the data demonstrating that the platforms are as effectively extraordinary as we all think they are.
When that happens the market will believe and then the buyers that have held off will have to pay more than they do today.
Until that time all that promoting the (as it is at the moment) possibility might achieve is a temporary upmove in the SP (assuming those who have the ability to allow it) let it occur. Such an uplift is only likely to be transitory and so of use only to traders.
Since most people here are apparently not traders why bother trying to get the SP up when we all know that results are likely to be the catalyst for SP expansion?
I make this point as an observation, but it would be interesting to hear the reason for wanting to set the mood before the data starts to prove the science.
I'm hoping to see a sustained and significant price rise once (or maybe a couple of days before) the Data hits!
Anyway, it's all IMO.

Wildforce,
Still a bit confused as to your 17.42. I don't know how anyone can refer to value without mentioning Market Cap which by definition is related to number of shares in issue at the time of the calculation. Since there has been considerable dilution it all adds to my lack if surprise that the value of the company is lower today than it was ten years ago even though the IP has expanded. The proving of that IP is what will correct that imbalance (linked to the massive overvaluation if the Company on the spike created by the announcement of Moditope). Its taken ten years to get the FPD in that connection. There was much hype of how long it would take to prove the platform in 2012.... we are now hopefully within striking distance of seeing the start of the flow of data which will begin the confirmation of that science.
AIMO

Wildforce,
No, the market value of Scancell is currently less than it was at the peak in 2012.
Why do you ask?

Wildforce,
I'm not actually surprised that the SP was higher in 2012 than it is now.
In 2012 BM (before Moditope)
There'd only been effectively a couple of years of R and D (in one platform) removed from the Company's capital.
The shares in issue were very many fewer than there are now.
The company itself had stated that SCIB would be sold once P2 trials had produced data (a one year life was an enticing reason for holding shares and added mightily to their perceived value).
The (relatively few) shares then in issues had been bid up on buying advice from sources where SP levels month on month out to the sale date had been foretold by individuals who were singularly ill equipped to understand the actuality of the process of valuing the sale of a baby bio with part proven IP.

As a result of the above the change of direction for Scancell in 2012 where the sale of the company ultimately never happened, meant that there was only one way for the SP to go, and it wasn't upward!
Since there are now many more shares in issue we may be back to 2012 expectation levels for the company's assets but with a more diverse IP. Hopefully that will provide investors with a return which will not only improve on that which was hoped for in 2012 but will make up for the rather extended wait many have had to endure.
That's why I'm not sure The SP level in 2012 vis a vis the 13.5p at the moment is (with hindsight) particularly surprising.
AIMO

WTP,
"Who accused violindog of being someone else? I said reminiscent."
Well since reminiscent means,
"suggesting something by resemblance."
Whose posting style did Violindog remind you of?
I think I've made my point on this.
AIMO

WTP
As you say,
"Nobody knows exactly when news will land, that's the whole point isn't it, we wait for game changing news."
So why not wait? What's the point of trying to work out a date? It will arrive when it does.
I think that's part of the problem with BBs.
People decide that date A is when the first trial results are due but when they're not announced the expectation bubble is burst and then the whole game starts all over again.
Why worry? If the results are as everyone expects the SP should benefit.
At least people like Violin won't be accused of being someone else.
That's just daft.
AIMO

Violin,
Sadly when things aren't going the way some would like they tend to lash out.
Not a great deal of fun being on the end of it but 'twas ever thus.
I wonder who you'll be accused of being ?
I think Aimbig's already been allocated! LOL
AIMO

Violin,
If people keep on going on about results coming in the next :-
Week, Month, Half Year
there's bound to be disappointed investors who sell when the prophesies don't happen.
Much the same as the RNS callers.
Scancell will announce when they are ready and nothing from the school of overhyped expectations will change that.
A bit of patience and maybe people resisting the attempt to be "right" by posting guesses every other day as to when the next release will be due might help this revert to a quiet waiting game.
I believe a quiet wait is the best way of looking at this. One day we'll all get a (hopefully) happy surprise.
AIMO

Roses,
What gap, from when?