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"TFG will now focus on developing the company before considering buying out shareholders."

It is cheaper for TFG to buy shares now at 2p a share to reach 90%.

"This will ensure that the company has a significant value and further investment in buying out shareholders will be worth it."

TFG are not going to wait for a successful P2 before they start buying If they can do it now for 2p.

TFG only require about 300 trades of 100k shares to reach 90%.

That's about £500k.

Someone is buying in the market now.

Perhaps it is Tommy-Fruits.

On what date will SNG be delisted?

Are TFG continuing to buy shares?

If they are, they can reach 90% before delisting and becoming a private company.

They only require about 300 trades of 100k shares.

Who is buying in the market?

Perhaps it is Tommy-Fruits.

TFG seem to be buying up SNG share now.

There will be less protection for minority shareholders once this is a private company.

They are almost at 90% now.

1. How often are P2's granted authorisation by the regulators when there is only enough funding to reach IA?

2. Further dilution to complete the P2 would take TFG ove 90s%. What safeguards are in place to prevent TFG forcibly buying minority shareholders out when they reach 90%?

Bryosa - thank you for clarifying the legal position.

1. How often are P2's granted authorisation by the regulators when there is only enough funding to reach IA?

2. Further dilution to complete the P2 would take TFG ove 90s%. What safeguards are in place to prevent TFG forcibly buying minority shareholders out when they reach 90%?

Dippfs

"RM pointed out at the recent AGM that a successful interim analysis will be a significant value inflection point. So yes a further £18M will be required to find the second half of the trial".

You cannot pay for half a P2.

Before authorisation for a P2 is granted by the regulators, you have to have ALL the money for a P2.

Currently, they only have money to pay for half a P2.

So, there will have to be a further dilution to pay for all the P2.

Therefore, the scenario you described - reach the IA, pass it, etc. will not happen.

"Dilution of the scale you suggest is not a foregone conclusion"

Of course it is a foregone conclusion.

TFG are almost at 90% now.

They will require a further dilution to fund the whole P2 because:

1. Currently, It is only partly funded.

2. Regulators require full funding for the whole P2 before regulatory authorisation is given.

It looks like we were dealing with a long term company stooge with the Tommy-Fruits-Gun composite.

Once his credibility was blown, new characters have emerged.

TFG have almost a tenth of a billion pounds invested.

Paying for a full time stooge is nothing given the sums at stake.

This is a fix. Possibly corrupt.

Tommy-Fruit-Gun

What do you have to say about this?

This looks like a scheme to wipe out minority shareholders and maximize TFG's profits.

This was carefully planned over a long period of time.

RM has shown what he is: vermin.

Can TFG force minority shareholders to sell when they exceed 90% shareholding?

How much does TFG own of the company post dilution?

If a further dilution is required, who will be entitled to shares?

Would this take TFG over 90% owndership?

If there is a second dilution surely this will take TFG over 90%?

What rules govern the price TFG has to offer minority shareholders to forcibly buy them out?

If Tommy-Fruits-Guns is reading, please reply in person.

Who will write and have input into drafting the articles of association?

This is important!

The Articles of Association of the new private company will govern how the new company is run and PI need input into this to safeguard themselves.

It would be interesting to have Tommy-Fruits-Gun's take on delisting...

*cough*

Graham - good to hear from you! What's your take on events?

Joey Diamond,

It has been alleged that you can't get regulatory approval to run half a trial:

"And as Mani says - you can't get regulatory approval to run half a trial."

If this is true, then the scenario you describe won't happen.

There will be another massive dilution to fund the whole P2.

"Time to get some financial journalists onto this one!!"

This is vital.

Doc.Dan or anyone with contacts in media need to draw people's attention to this.

Even the threat of a story will raise the priority of any complaint to the FCA.

This is potentially a huge story and scandal.

TFG will not want that.

"And as Mani says - you can't get regulatory approval to run half a trial."

If this is true, then alarm bells should be going off.

This is a fix.

They will wipe out existing share holders.

There will be another massive dilution to fund the whole P2.

How else can they fund it?

Excellent work, Dippfs!

This was important and very helpful.

The BoD, and RM in particuar, have shown who they really are.

Even if they pass the P2 IA, there will probably be a further dilution to complete P2.

RMs surprise that the actual OO application by PI's was £2.3m compared to an expected £500k is telling. When you consider that people were having their applications reduced, it looks suspicious.

It looks like the fix was in.

The BoD are vermin. I initially thought they were merely incompetent.

I will not buy back in now. This is a tax write-off.

I hope this succeeds and people recoup some of their investments.

GLA.