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Oh - and just to add to the Parker comment ... not that I am saying he looks after himself first ... but he did pocket another 100K of shares for a measly £10K .... that added nicely to his pot and may well serve him very nicely in the near future .... loads-a-weed
HBD .. the SP might be on the rise but none of that is down to Parker !! He ball'sed up big time causing the drop ... no way will i be giving any credit to him for this rise .... I still have no confidence in his abilities but he must be integral to some current discussions as JR/TM nearly lost their company due to his incompetence ... They would not tolerate this level of poor performance unless there was good reason to do so
PS : Nicely .. good to see that you are looking out for us though making sure we dont lose any more money ... but guess what .... we are making wads at the moment mate ...
Nicely - In the words of John McEnro ... 'You Cant be serious'
The last message you left on this BB was ..."Probs drop to to about 7p- 8p then get taken out for about 10p"
Well done with that stonker of a prediction mate
Yes but even if they sold 2.9M at 10p each that is £290K but only £160K was deducted ... that is my confusion
... and if they did not sell them all and now have another 3M then we should get a TR1 for 3% crossing of holding
So I am still confused
Exactly Blue; so they have just been given another 3M shares - If they sell them at 50p they that is £1.5M and so they get no further shares and have to give back 95% of £860K (1.5M-£640 owed) which would be profit
But for me I still do not understand how the 2.9M shares equated to a reduction of only 160K (800K-640K (Remaining)) ... Pizz Poor maths or accounting somewhere ..
GLALTHERS
Hopefully we dont run out of money before 737 starts to deliver and the latest for that would be december when we get 27.% of 500K shares in Company X ( whoever took on 737) ... hence why the BOD needed 2M+ to cover salaries etc till december
Something does not ADD UP ... ?
They were granted 2.9M shares and then were owed around 800K
They have now sold the 2.9M and been granted 3M but we now owe 640K
RF would have sold the 2.9M abouve 10p which is therefore greater than 290K ... so why have we only deducted £160K from the running total ????? .... Where's the accountant when you need one, cus Parkers maths is as bad as his Financial abilities !!!!
The BOD will not buy in the open market - They only bought token amounts in the PLACING which was supposed to be to fund their own company due to their managerial mistakes (TM = 5K and JR = ZERO; 22k each taken as shares rather than salary when they both had 50K pay rises) .. Most LTHERS earn less and bought more
Think they prefer the free OPTIONS route;
Winge over .... JR not purchasing was the reason I did not participate in the PLACING ; but 'throwing my toys out of the pram' I did buy 150K additional shares for my ISA at 11p'ish ( funded by selling PYC)
Morning Silver - not sure anyone would accept 25M but 200M+ (£2+ per share) and I bet many on here would now consider that given the rough rides of late and the uncertainties due to lack of comms etc .. and 200M is still very small change for the large pharmas
Don't understand their business strategy ; I would have thought once the word got round after they had trashed the SP of several companies they would no longer be able to attract such funding avenues .... very strange how they will survive longer term
Bridge - after consolidation we were at 68 Million total shares ... but because of the RF funding screw up we are now going to be at around 108 Million once RF leave the table .... so its more about the affect they have had on causing the need for the placings etc
Excellent Post POTNAK ... Totally agree with what you said there.
Agreed but not for £800K ; It would be for much less as you need to subtract whatever RF sell their 2.9M shares for .. lets say that is £290K (@ 10p say). Then we only need raise £500K to pay them off
This is now not just RF selling ... Panic has set in after last nights RNS and many probably assume that with RF still onboard this will be sold down to single digits ... hence people jumping ship and the SP sinking again
If the BOD could start up a comms channel to reassure shareholders that all is not lost then that might steady the ship ....
And given that the shareholders have bailed them out, allowing them to continue with their lucrative salaries I think they owe a level of support to said shareholders
2.9 Million shares is probably 2.999% I.e less than 3% so that no threshold is crossed
Looking at it from RF's perspective I think they have two options now :
1 - Hold onto the 2.9M shares + whatever remains + all of their warrants till a SP of £1 (say) ; Then sell and they get 2.9M+ Warrants value .. but not the £800K as this will be satisfied by the share sale at £1 ... so approx £4M on a £2.3M outlay
2 - Option 2 would be to keep selling to recoup their original stake ... BUT herein lies their dilemma ... If they sell the 2.9M at 10p (say) = 290K, SAR then owe them 800-290 = approx £1/2 Million ... so lets say SAR then use the extra money from the shareholder placing (800K) pay off RF ..... RF then have really only made probably 100K in admin charges etc
So do they take 100K or hope for 2M ?
If they keep selling then my mindset switches to the darker side and other ulterior reasons behind their actions !!! and unfortunately I do not feel confident about the BOD at the moment because their comms channels still appear closed
Hopefully we will find out tomorrow but its time for the BOD to show some support for the shareholders now who have helped them out of a dark place which they put us all into due to incompetent management of the situation
Sorry Gunner but if PH are still there at the next AGM and we are still in the same state then not only PH to go but the BOD need to be reshuffled also !!!!
Hi Potnak -- why do you say 106 Million shares once this is done ... If RF sell all now and drop the price to 9p say and then take more and sell at 5p say and so on until the 800K is paid off, we could well find the SP at 2p and total shares > 120 Million if I am not wrong .. For example
Selling the 2.9 Million now drops the price to 10p say
They take their next installment at 10p and sell them all dropping the price to 7p (say)
Then the next installment at 7p all sold dropping the price to 5P
Each time the number of shares given out grows and the price per share drops ...
That is how I read it as the 800K shares are not fixed at 10p as far as I am aware
Mathsprof - I believe you are wrong here -- They can sell at any value .. even 1p ;
In a nutshell they now have 2.9M shares granted and are still owed £800K ; If they sell all 2.9M at 5p say = £145K then they will still be owed 800-145 = £655K ... they then take the next 2 mllion (say) @5p = £100K and so are then owed £555K .. etc
If they sell that 2M @1p = £20K then SAR still owe them £535K
So in a nutshell they could simply collapse the SAR share price but holding would probably be far more profitable unless the tactic is to reduce the SP for a mega hostile takeover !!!!
I am now asking myself why JR never participated in the placing at 10p and just did the salary to shares £22K option
Is he of the opinion this is going very much lower than 10p ????
If so the shareholders and HNWI have been well and truly shafted
Fingers crossed that is not the case