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Excellent piece here from evaluate:-

'what looks to be compelling efficacy on the important primary measure at the 45-day point'

'Add to this that an apparently narrow miss in the pain endpoint and the lack of treatments for this distressing skin disorder, and the approval case becomes even more compelling'

Https://www.evaluate.com/vantage/articles/news/snippets/amryt-data-strengthen-case-approval

Sorry that sounded rather abrupt, the point I was really trying to make was that it was quite a while ago that the posts from David Evans appeared on advfn, perhaps earlier and extra communication from Scancell might have done the trick

GF123

Unfortunately it was too late, the deadline had already gone by the time you posted.

Ray,

RE. your 11.06, I'm not sure we can assume that the large shareholder was Vulpes at all. The difference between getting the vote approved was a maximum of just under 22m shares. Calculus alone hold just under 50m and I'm sure if they voted against, other large holders would have been voting with them. It may well be that Vulpes converted their CLNs to maximise their firepower in voting in favour.

So over 40% of votes not cast.

Worth noting that David Evans was spot on with his comments on advfn. For those of you who don't read advfn, he mentioned a while ago that one of the major shareholders was unhappy with the terms of the CLNs - specifically the fact that the repayment period was so short at just 2 years.

Ivy,

Think it's more a case of encouraging those who didn't vote to do so next time.:-

'The Directors are aware of a number of shareholders who have indicated that they would vote in favour of the Resolutions if more time was available. In aggregate, votes to date have been received in respect of approximately 59 per cent. of the issued share capital of the Company.'

Quick reminder that Amryt are doing a proactive presentation tomorrow evening - you can register to watch below. Also presenting are Redx, Open Orphan and RedHill Biopharma

https://www.proactiveinvestors.co.uk/register/event_details/292

Whole sector and market in general very poor today - a sea of red. Scancell holding up very well under the circumstances.

GF123/LL

GF - well done

The main point I was trying to make was that the vote to approve the Redmile funding is being held at the GM tomorrow, the resolutions were published on 13th Oct and the deadline for proxy votes for the GM has been and gone for all shareholders.

The resolutions tabled for the AGM (published 21st Oct) are standard housekeeping and virtually the same as every other year. The only points of interest really are the NED appointments of Ursula Ney and Susan Clement Davies . As you have said LL, if anyone really wants to vote on the AGM resolutions then the deadline for proxy voting is 13th November. Those with shares held in a nominee account will need to contact their brokers well in advance of this because the deadline is the date the proxy forms must be with the registrar.

GF123,

Yes I have but you're asking people to contact Scancell to vote on the resolutions to make sure Redmile's funding is approved and it may lead to some confusion:-

1) The AGM resolutions don't cover the Redmile funding
2) The shares of the vast majority of posters here will be held in nominee accounts and there is no point in contacting Scancell - they need to contact their brokers
3) For registered shareholders, the proxy forms had to be with the registrar by 10am yesterday morning

GF123

Are you talking about the AGM resolutions?

LL,

I'm not absolutely sure what you mean, but I think you're asking how the CLNs would be treated in the event of a takeover by a 3rd party. I believe sometimes the terms at outset specify exactly what would happen under these circumstances, but if not, then I assume that it would very much depend on the takeover price. If the cash being offered per share was higher than the conversion price, Redmile would convert prior to the sale and receive full cash payment alongside the rest of its holding. If the price was lower then I guess they could decide to allow them to continue to sit as a debt and the existing repayment terms would apply. I'd guess that in the vast majority of cases, they'd be converted prior to the sale.

Hope this makes sense and answers the right question.

Jesus - not sure what's wrong with this site today - my first post just disappeared so re-typed and now the original has suddenly appeared. Hopefully they both say the same, please ignore one or the other or both if you wish!

Stakis - The full terms of the CLN's are laid out in the circulars posted on Scancell's website (under 2020 Captial Raise section). You'll see that no interest is payable to Vulpes or Redmile on the 6.2p CLNs but Scancell must pay 3% per annum in interest on the £17m @ 13p.

Ruck - I have no idea why the conversion price is 6.1p other than all the documentation states that the 6.2p is subject to customary deductions. So perhaps it's a standard deduction?

AB124 - agreed, no doubt we all have our own ideas but as you say time will tell.

Stakis - The circulars for both the July and October fundings outline the terms of the CLNs. You'll find the link to both documents under the 2020 Capital Raise section of Scancell's website. In short there is no interest payable to either Redmile or Vulpes on the 6.2p CLNs but Scancell must pay 3% per annum on Redmile's £17m at 13p.

Ruck - I have no idea although I notice all the documentation states that the conversion price of 6.2p is subject to customary adjustments. So it's either a standard deduction or it's a mistake.

AB124 - agree, it's almost impossible to second guess Vulpes reasons and we don't even know if they're related to Scancell at all - could be some sort of internal issue that has prompted the conversion.

moonparty -

The 6.2p CLNs are interest free. Not sure it takes you any further forward but Vulpes don't lose any interest payments by converting.

rats - don't you mean £1m debt off the books?

Perhaps a better question is why convert today? They have up to 2 years to exercise their right to convert the CLNs to equity - they just have to give 10 days notice. We know that they intend to take part in the OO - perhaps it's somehow connected.

Violindog,

Thanks for your reply which is enlightening and concerning in equal measures.

How can we have come to the point where intelligent and medically trained people would take a decision not to be vaccinated based on their political beliefs and workplace grievances? That those beliefs would take precedence over the risks Covid-19 brings to themselves, their loved ones and their patients? It's just so depressing. Then add into the mix the anti-vax movement and scaremongering coverage from the media and uninformed commentators and it's more than depressing, it's a real concern.

'only 2/10 are in favour of any Covid19 vaccination'

That's more than a little concerning and doesn't bode well for any vaccines in development whether first or second generation.