George Frangeskides, Chairman at ALBA, explains why the Pilbara Lithium option ‘was too good to miss’. Watch the video here.
Now that Conduit hasn't panned out as expected so far, more fire sale of portfolio shares must be on the cards to cover £15k/mth for Directors fees til next summer whilst waiting for MODE to rise from the ashes.
ENET update, down 30% today
https://www.lse.co.uk/rns/ENET/update-re-subscription-agreement-notice-of-gm-141e6zim6ta4mda.html
This is public info already, in the admission document, subsidiaries is defined as TruSpine Technologies International Limited, TruSpine Technologies International Inc and Critical Flow Technologies International Limited. Then there is Critical Flow Ltd, another entity which appears to have been wholly owned by N Lott & which was also referenced at the time as a current directorship.
The most recent Conduit Corporate Presentation is quite clear on this point (page 13).
Conduit has a 100% economic interest in all indications under the AZD1656 Co- Crystal, except for a 17% economic interest in AZD1656 for use in COVID-19, which was funded by UKRI and Excalibur Medicines Limited. Conduit does not intend to pursue AZD1656 FOR USE in COVID-19.
No mention of Vela's 8% interest, does this mean that the option has been exercised or is as good as done? Why have UKRI/Excalibur retained their 17% interest, for what reason, are they intending to fund & run the trials themselves? Where does this leave Igraine with their 2% interest in EML but with no apparent exposure to CDT and Vela's 28% interest in Igraine?
The first quarterly update for 31 Dec 21 had NAV of £7.12m. In the 18 months since to June 23, NAV reduced by £1.24m to £5.87m, a reduction of 17.5%. Directors must have extracted fees/salary >£250k over that timeframe.
Yep, more share sales on the way, maybe they thought they would be rich by now with the CDT option. They chose to use the last cash on Tribe which means they now need to sell anything they can at market bottom. Oh well, always 2024 to look forward to.
???
SGS are the 2nd largest SH in Conduit
https://www.marketscreener.com/quote/stock/CONDUIT-PHARMACEUTICALS-I-159626213/company/
No real news here and no mention of IPO. They say funds raised at £2.75 whereas in their previous Interims they claimed funds were being raised at up to £3.00.
SNT Accounts for June 23
Aeristech investmentSabien invested £100k in Aeristech in February 2021 at a price of £2.40 per share. The investment was made to support Aeristech's development of e boost technologies for hydrogen fuel cell, hybrid electric, and internal combustion engine powertrains. Since Sabien's investment, Aeristech has continued to make progress in developing its customer base and raised funds at up to £2.75 per share in February 2023.
I do not know if prospectus is final and binding. It is now up to Vela to make the move, if they don't exercise, then CDT issues 976k less shares which is better for the existing SHs. I don't see that they really owe Vela anything, certainly not £2.75m or $4m in cash. In fact, I would say Vela could have scored themselves a mega phoenix like deal. Doesn't look that way now but let's see how it plays out. IMO.
CDT were under no obligation to enter into the PUT option, could have left Vela hanging. Probably made the exit available as they were part of the initial investee group for the trials. Can't see any renegotiation happening now, it is all outlined in the recent prospectus, what is in it for CDT to pay out cash when they can just issue some shares.
I think that is right THG. Exercise option or be stuck with 8% royalty on nothing for years to come. Whatever happened to Mubadala, are they part of the 17% retained by UKRI/EML? Curious to know why this investor group are not part of the CDT option programme. Makes the Igraine investment less likely to gain from here.
Updated Corporate Presentation
https://www.conduitpharma.com/investors/corporate-presentation/
Conduit has a 100% economic interest in all indications under the AZD1656 Co- Crystal, except for a 17% economic interest in AZD1656 for use in COVID-19, which was funded by UKRI and Excalibur Medicines Limited. Conduit does not intend to pursue AZD1656 FOR USE in COVID-19.
As highlighted yesterday, Vela have registered as a seller of up to their full quota of securities per the SEC prospectus. Option will be exercised and shares sold, only question now is timing and price. Can't see a time limit on the offer but it does include some warrants priced at $11.50 so maybe CDT price will slowly drift up towards that. All to play for.