Member Info for Adyan9200

@FireCons - Me personally, I would definitely have brought shares at 3.35p, as that is a bargain price and I do think the company is very undervalued (main purpose being the potential for dividend rather than share price growth on this exchange). If it had been on AIM, I doubt it would have gotten so low. I had planned to buy some more shares over the next few months, but with Steen's actions and the raise, I no longer believe Steen will do things for the benefit of LTH Shareholders. Therefore I will no longer be adding as I had planned.

I was expecting an RNS to say the new shares had been admitted today.

@martinu - Yep, looking at that page it says "Tradable Securities: 158.2M", so it does look like Aquis has gone ahead and OPTI have failed to prevent it happening.

No idea if they can block the appointment to the board

The big issue is, OPTI are saying one thing and PBX is saying something else regarding what happened at the General Meeting on 8 Aug.

OPTI

"The shares comprised in the Subscription appear to be issued pursuant to an authority purported to be taken from shareholders by ProBiotix Health plc at its annual general meeting held on 8 August 2024. However, OptiBiotix legal advisors have advised the Company that resolution 6 set out in ProBiotix's notice of annual general meeting (which has still not been filed at Companies House in breach of section 30 of the Companies Act 2006) contains a fundamental error (which was not brought to the attention of, or corrected by the requisite majority at the annual general meeting) by cross referencing the conditionality of resolution 6 to the passing of "Resolution 8" (which did not exist). The special resolution is accordingly invalid in accordance with section 283(6)(c), Companies Act 2006. OptiBiotix will bring this defect to the attention of AQUIS."

PBX replied

"As the error was merely typographical and obviously an error, under case law and the Company's articles of association, it was capable of remedy by the Chairman at the AGM. This inadvertent error was indeed corrected by the Chairman at the AGM, in the presence of Neil Davidson and Stephen O'Hara. As referred to above, OptiBiotix had previously voted in favour of all the resolutions at the AGM and made no attempt to amend or withdraw its vote after the error was pointed out to the meeting and corrected."

Now OPTI says this error was NOT "which was not brought to the attention of, or corrected by the requisite majority at the annual general meeting". Whereas PBX is saying "This inadvertent error was indeed corrected by the Chairman at the AGM, in the presence of Neil Davidson and Stephen O'Hara".

So who is telling the truth?

OPTI therefore believe "OptiBiotix's legal advisors have explained that, as a consequence of the invalidity of the special resolution purportedly passed at the 2024 annual general meeting, ProBiotix do not currently have the right to issue equity on a non pre-emptive basis given that the prior authority taken at the 2023 annual general meeting expired at the conclusion of the 2024 annual general meeting". However PBX say "with OptiBiotix previously voting all its shares in favour by proxy and not withdrawing its vote at the AGM itself"

So we need to know who is telling the truth and who is lying. I guess only someone who is more neutral and was at the meeting would be able to tell us the truth of the matter.

My personal hope is that OPTI are somehow able to convince Aquiss to hold off issuing the shares while legal action is taken. However, the legal route will have massive detrimental affect on PBX and OPTI.

I'm just very annoyed at SOH for giving them voting by proxy and not limiting the amount they could raise to says 10% rather than the 23%.

Unless O'hara /Opti can somehow prevent the share subscription or delay it enough, I can't see how they can remove Steen.

Currently the board of Directors are:

Adam Reynolds

O'Hara

Steen Andersen

Marco Caspani

Steen and Adam's are together and if share subscription goes ahead, Steen's friend joins the board. As it would require the board of Directors to remove Steen, I can't see that happening.

Only option is for Opti, O'Hara to find some legal way to stop the share subscription going ahead.

Thank you mol, great detailed info as always.

I can't believe SOH messed up so badly . I was always against separating PBX from OPTI, never made sense, and now this.

As to Steen, he's gone for the full amount he can go for and at such a low price.

Looking at share holdings if share subscription goes ahead:

OPTI: 53,533,333

O'Hara: 6,131,450

Steen's Friend: 36,500,000

Total: 158,166,666

Therefore OPTI/O'Hara will have 37.7% and Steen's friend 23%.

Therefore I would assume OPTI/O'Hara can vote Steen out. If I was OPTI I would try to prevent the share subscription from going ahead if possible. If they can or not, I would immediately call an EGM and vote him out, otherwise he might well just do another share subscription, ensuring OPTI/O'Hara cannot vote him out.

I agree 100% Bk2011.

Sorry, but OPTI and O'Hara need to remove Steen ASAP. Or else existing share holders are going to suffer.

He's just not taking into consideration existing share holders at all if he thinks giving a quarter of the company away to at such a low price esp as there was no urgent need and share price was recovering. If it was 10%, you might say fair enough.

As they are planning to proceed, even though they know majority of share holders are against it, Steen must go.

PHEW! I really hope OPTI as the largest shareholder is able to stop Steen from going ahead with this share subscription, otherwise I can see us LTH getting screwed over including OPTI.

Does anyone know what is likely to happen next?

It would have been better to spend a few hundred thousand and move to AIM from our existing cash pile and done some promoting of the company, which would have hopefully helped the share price reach to around 10-12p a share and then done a fund raise if they were planning to do a raise.

Doing it at such a low price, creating a very large dilution, esp as the SP seemed to be recovering slowly and their wasn't any urgent need, just doesn't make sense.

I'm seriously disappointed, as I wasn't expecting a raise at all, nor has there been any news of opportunities that would greatly enhance growth before today's RNS "accelerating a number of significant growth opportunities".

I did think in future, if growth didn't go to plan, then they may need to do a raise, but that would have been in H2 2025 at earliest and only if things didn't progress as planned. As the SP had been slowly increasing over last couple of weeks, I really don't understand this raise at all.

I can't see O'Hara being happy about this at all, myself as both an OPTI holder and direct PBX holder, most definitely am not.

This doesn't sit well with me, esp as Steen says in the RNS "I have known both individuals for many years".

Yep, my average is still quite a bit higher too.

I'm hoping there will be a Sweetbiotix RNS update in August similar to last year, which would help keep the momentum in the share price to keep going.

I do wonder if they will do an individual RNS update on the "Microbiome Modulators" and how much progress they have made on that and what the commercialization strategy will be for that.

Interesting article at BBC about if cholesterol lowering drinks work or not etc https://www.bbc.co.uk/programmes/articles/5DwxMcnzgVHGgSVnk5v318V/do-cholesterol-lowering-drinks-and-spreads-actually-work

How long does probiotix's LP-LDL take to lower cholesterol?

My only worry is they've hired quite a few new staff and therefore that revenue increase will easily get eaten up by the bigger wage bill. Hopefully the second half which tends to always do much better will overcome that worry.

I'm quite disappointed in the revenue, I had expected for us to at least be close to cutting even.

With regards to Sweetbiotix, DSM-Firmenich are estimating 100,000 metric ton per annum, so that is about 100 million KG, if that is sold at the lower end, so £20 per kg, that is revenue of £2 billion per year. If we receive 5% royalty, that means OPTI would receive £100 million. Even if DSM-Firmenich only achieved 20% of that, that would still be £20m to OPTI from this one supplier (with the USA supplier being seperate).

Am I missing something? Obviously it doesn't tell us when they expect to get to >100,000 metric ton per annum, could be 2 years, 5 years, could be 10 years.

I'm not sure the need to compare Wellbiome to Symprove , and say it's better, as we all know there are plenty of products that tend to be inferior to others, but they happen to get their marketing right etc and manage to make very good money.

Has there been any update of how well the company did in 2023 and what the outlook is for 2024 as well any update on new product development etc.

The last real RNS with that type of info was on "27 Sep 2023 - Half-year Report" which covered to 30 June 2023. I'd have thought the full year report would have been released by now.

The RNS is very good news and I expect to see regular news flow this year. It's good to see they are continuing to sell Slimbiome to more markets and partners. Even if they got half the forecast for YR 1 in revenue, so £600k, that would mean they should easily reach record revenue for the year ahead for slimbiome and easily be profitable.

I do believe the SP would be higher, but might stay in this range as "Finance Yorkshire Seedcorn Fund (FYSCF)" seems to be selling slowly into the market, so that kind of is keeping the share price bogged down.

@AustinTexas, I had a quick look at some sugar suppliers, you may have heard of Kent Foods, they had this on their website:

"Kent Foods is Europe’s largest independent supplier of sugars, selling 350,000 tonnes of sugar every year. Here at Kent Foods, we are completely independent. This means that we can advise you on the best wholesale sugar for your requirements from our own Sucranna Sugar range to the ranges of the World's major refiners."

As this is just 1 independent supplier, and there are many others, I think 100K per annum for us is very good for a starter and as Sweetbiotix get's more established, I can see that increasing rapidly in a 2-3 years times. We also have the supplier across the pond also, and if they were to do a similar preliminary forecast of 100k tonne per annum as well, that'll be 200k tonne.

I think it's a very good update. It would have been nice to know if they had hit profitability in all the divisions as was the aim on a month-by-month basis by Dec 23. Good to see us concentrating on the bigger markets now.

As regards to Sweetbiotix, that was one of the main things that attracted me to Optibiotix many years ago (too bad I got in when share price was a lot higher compared to now), it definitely has been slow going, but 2024 is the year for us. I think someone was trying to compare the 100K tonne to what Stevia produce, but I don't think we can make a comparison to that as ours is a bulk sugar replacement (so if product has 100g of sugar, I assume they would use roughly around 100g of sweetbiotix, we need a lot more info around this though ), whereas Stevia is just a sweetener so only need a tiny bit to sweeten stuff.

Awesome to hear it's already been added to a finished product already and that we should expect to see many more throughout 2024. I'm finally really excited for this year after waiting patiently for several years.

Not to forget we still have "MicroBiome Modulators" in the pipeline, which could be massive. Does anyone know if any timelines have been mentioned around that?

What happens if Probiotix did move to AIM. Would our shares automatically get moved over to AIM?

I currently have mine in a iWeb account, but as they don't offer Aquiss exchange, I would have to move them to a provider who does. I was hoping Probiotix would move to AIM.

Excellent update. Everything seems to being going to schedule as per last update.

"Manufacturing scale up with Firmenich slowed during and after their merger with DSM, as anticipated, but resumed in late autumn 2023 as Firmenich moved manufacturing scale up from its contract manufacturer to DSM's in-house manufacturing facilities. Ongoing discussions indicate strong partner support on increasing the anticipated scale of production and supply given the enlarged group, DSM-Firmenich, now have access to global manufacturing and distribution capability. "

Seems there's a lot of increased partner interest so they are increasing manufacturing scale further and as it's in-house now for DSM, should be quicker.

We should see now Opti concentrating of selling it this year, hopefully we see plenty of deals being signed throughout the year. I think summer especially will be when we get some decent deals done.