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I believe Hood has incorrectly spread information on massive dilution expectations from the Warrant situation ... BUT I do not believe the information he provided is accurate and is more an attempt to PANIC investors .. The WARRANT wording is as follows
"Should the Company undertake a share placing during each relevant Warrant Term, the Warrant Price will be reset to the placing price if the resultant Warrant Price would be lower."
The warrants have already been allotted - so there were 800K+ allotted from the initial £2M @ £1.43;
If there is a placing at 15p Say then the warrant price will alter to 15p for the 800K warrants but there will be NO MORE warrants allocated at the lower price .. so please do not be tricked by the malicious BS of this individual !!!
Please be aware that this individual is not invested in SAR and only has one agenda ;
Silver - if you look at the BOD salaries TM is drawing 200K and 15K in Pensions ... so they are probably okay in retirement thanks to the shareholders they have looked after (NOT)
I am concerned by the lack of ANY news post the last RNS bombshell;
Whilst we all assume (and is almost definitely the case) that major discussions are occuring on a aily basis to try to resolve the current predicament, there are still things which could have been done and announced very quickly in order to reassure the ever faithful group of long term shareholders ... Namely :
1. The Immediate addressing (and reduction) of salaries to preserve whatever cash is left in the pot ... &
2. Possible purchase of shares by the BOD (TM and JR especially as they only seem happy with options currently) to show some level of confidence that things will get resolved
Both of the above could have been done prior to this date !!!!!
Lets hope for a quick resolution from this point
GLALTHERS
Not sure it is only RF selling - They are probably responsible for a decent chunk but they normally trade in round numbers- there are a large number of non-round large sells also today
??? - If it is RF selling down their newly allotted 1.5 Million shares then why have we not been informed of the actual placing of this 1.5M shares in a separate RNS from SAR just so that we are fully aware of the facts
Also cannot understand why RF would not hold now as these shares could be worth substantially more if alternative funding is found
Carter - not exact numbers and appeared over 10 mins on ADVFN around 08:27-08:37
100K = 26K + 26K + 26K + 13K + 9K
The MM's drop the price by 1p and we get 100K shares purchased;
Strange lack of trading following a positive presentation !!
70M shares in Issue ; SAR BOD Do a raise with a large pharma ; 70M shares @ 10p = £7Million
Problem then is that large pharma own 50%+ of SAR shares and no longer in the hands of majority PI's .. That then allows large pharma + BOD to decide on any route they wish which could be to our detriment .... Hope not but it is a possibility to remove our ability to block undesirable outcome !!!
This level of mismanagement feels almost impossible to believe ... I just hope this was not deliberate on the part of the BOD to allow a large pharma to purchase for peanuts whilst moving our BOD into nice positions in the purchasing company ... just feels dirty to me now !!!
Let's not let them get away with anything this sinister if indeed this is the case !!
GLALTHERS
CONSOLIDATION !!!
They have had a week since the bombshell RNS ... plenty of time for them to have addressed a reduction in salaries and announce that to the market .. it may have helped !!!!
If we are still here by the next AGM in december one would hope everything will have been resolved here ... !!! - lets hope so
0.35p old money ... what a joke
BILL : Failure to obtain funding at a much higher price, Consolidation and the RF Disaster ;
How many more balls-ups will you allow him if you save his bacon here by funding his continuation ?? .... I think this BB will be sorely divided on this front
For me Parker out and TM moved sideways on a reduced salary !!! ... they have had enough chances and have right royally screwed up this time
But I will only take up the offer if PARKER is out of the door ... He is not competent in this role and we cannot afford to have people at the helm who cannot deliver
If the placing was mainly taken up by the current shareholders then it would be nice to keep it at 25p and build from there rather than reducing the price further and having further to climb ... AIMHO only ... and less overall dilution of our existing holdings
More round number chunky sells - my guess is RF are now selling everything to get another top-up at low ball prices before any alternative funding solution removes their ability to RAPE SAR further
HBD - sounds like a win-win scenario if it materializes
But lots to discuss and negotiate ; BODs performance ; Salary expectations ; TM's position ongoing as he is not born to the CEO role; Additional presence on the BOD to protect shareholders ... which I thought Owens was bought in to do ; Termination payments for a) Parker and b) RF .... etc etc
Large round numbered SELLS still dropping in -- 30K just gone through
Is this still RF selling ? - i would have assumed that they would hang fire now and wait for a recovery to take advantage of warrants and increased share price for any topped-up shares they have been granted at such low prices