Member Info for bignose58

Prof.
I think most holders are in agreement with you. The big problem has been the lack of communication with shareholders and a total lack of professionalism regarding stated timelines. Most holders would be more than happy accepting timelines if they turned out to be realistic. Instead its delay after delay. The latest saga of the loan notes being a prime example. And yes, things unforseen can happen, but not all the time. Wouldn't be so bad if they gave proper reasons behind the delays.

Referring to ur thoughts on fishing. When I was a lot younger and I went fishing and I was near someone else, I couldn't but help become mesmerised into watching the others float........Often as not I missed seeing my float quiver or go under indicating interest or a bite.. :-)

PP, with that decision, you were probably the only sane one here :-)

Good Luck.

...continued.

original sum. And the CEO gets paid 1.5mill year on year for those kind of results ? Most CEO's would have been given the "heave ho" with that type of performance.....yet...... It certainly makes one wonder why?

So yes, some of us longterm shareholders I think are allowed to feel we are not getting our monies worth regarding an honest and professional management and updates on a product, which I personally think still has great value, if managed better. We can only go on the information we are provided with and unfortunately that information has been well lacking, vague and wrong. The current information provided does not instill any confedence in the continued product "excitement" sharholders have constantly been advised about. In fact it seems there is now a lack of excitement.

But that's all just my opinion based on what has been experienced so far. Hopefully this will change with the appointment of the new director, although I am unsure if he will have any input into what was to be our major event... ;-)

Dougie999

The problem is the total lack of information given to long-term holders, who in my mind deserve to be much better informed. Particularly given all the delays and twists and turns the company has made on dates over the last few years. And it just continues as if we just dont mind or dont even exist.

Regarding the FDA approval process: The lastest update was provided on the 10th May on the gov website itself. https://clinicaltrials.gov/ct2/show/NCT03578783 However, on the 10th May one new "Not yet recruiting" was added (all others changed to "Recruting"). No update since tells me they are having problems in getting people to come forward otherwise the last one would have surely now been changed ?

No update on HK or Macau and although no specific time has been given apart from Early 2019, I have a correspondence to say that the "Orient launch plan was expected any day now" (that was on the 10th May). Another poster also had a statement to say the launch plan was expected by the end of May, yet we still have no information. And this is for a product that we were initially advised would take a year to get an import license which then went to 2 years and is now at about 3 and still not on sale. How difficult can it be to launch in a region on their own doorstep ???

I was led to believe that the European launch would continue on track even with the disappointing sales (Yep, I also received an email stating such), which didnt happen and now we are waiting on only 2 of the remaining 5 of 11 (Romania and Greece) that were to be launched and we have had no progress on this or even on the UK relaunch. Why ???

I notice they are quite capable of putting out announcements about loan notes which seems to me only involve JM and JG, yet they cannot even get that right with respect to projected advised dates. What does that tell you about their professionalism and competence ? Why not be realistic on timelines.....oh thats right, they cant be.

Many years past PLE had a secondary avenue (Urology company) started with the purpose of providing additional cash and although it did not immediately make a profit, it was getting there and in less that 2 years it was shut down. Is this how this new avenue is to also play out ?

Given the "excitement" that is being given to the new avenue, with no new, greatly needed, updates regarding what was the main product, one cannot but be thoroughly disappointed in how this is all being handled by the so called professionals.

The Chairman doesnt want to recognise there is a bad apple in management who the company has been and will continue pay 1.5 mill USD for consistently mismanaging and losing the company money (when was the company last in profit and I'm not referring to the paper exercise which showed a profit after the TO of PLE). Remember the 3mill GBP just written off for the Diabolical Boot Company. Look at how many years that money was invested for a return of only, what was it, 260K on the

"We are now working on a different avenue".
So that means they have now given up on Fortacin. What a complete waste of space the chairman and CEO are. Cannot they at least for once be honest with the shareholders that have supported the company all these years. Can they not at least be true professionals and actually do some product related work ? looks like the HK/Macau and other two EU country launches wont be happening till next year then......... if at all. Are Recordati giving up too ?

I wonder what the next avenue will be when their incompetence extends to the new venture, anyone like to guess?.....Back to mining or will it be fruit n veg?

And remember, once all the new shares hit the market, even if the SP is higher next year, we will probably be no better off than we are today..... Market cap = number of shares x SP........

We have all read their projections before and still are.

https://apple.news/AlycKLmAARguQzRPELQ09Aw

https://www.scmp.com/week-asia/society/article/3015604/smearing-cannabis-your-face-latest-asian-beauty-craze

Who's to say they are not behind all this? As someone else has already posted, If someone really had a gripe, they surely would have brought this up 2 or 3 years ago.

Even though Cornerstone have a holding in this, some individuals will do anything to cause chaos and not lose face.

Worth thinking about n est pa ?

So it looks like only 2 shareholders voted against JG's vulgar salary. Part of my holding was cast (UK part) but the Singapore holding was not, which I will find out why today. The other holder cast 150k share votes against.

And only a handful more shareholders apart from myself voted (778,304 shares) he and Jayne Sutcliffe not be re-elected.

Obviously all other shareholders must think Jamie's salary is fully justified..... ce la vie.

Well, all I can say is it all looks a bit suspicious.

I voted against points 2a(I), 2a(ii) and 2b, yet, the number of shares shown do not reflect my holding. I wasn't expecting a win, but the numbers don't add up. Particularly since I know Prof voted against too.

I will tomorrow be contacting my broker to see WTF happened.

Prof, you may want to check with your broker, unless you decided to withdraw your votes.

Anyone else voted ?

The.Italian,

Further to my previous post on dilution from the shares to be placed according to the 2 announcements. Although my figures and methodology would seem to be correct (no one has yet posted any criticism on errors), my timing is incorrect. Further to reading the first announcement, it would appear that the 720mill share dilution effects will not occur until 2020 (date yet to be decided following the EGM vote of approval).

Apologies for that, but with 40+ pages of legal jargon, most of which I have no idea what they are writing about, it was far too easy for me to overlook the mention of maturity date.....lol

Maybe everyone else already understood that, although no one pointed out the error of my ways. ;-)

Read too quickly and that could be mistaken as “I just hope we are fortunate to benefit as pis from their goats”.....LOL

Even with a missing “s” in pis...... ;-)

Morning The·Italian,
Hopefully you are right and HK embraces Yooya. Mind you, we have a good few months before we reap the full benefits, although I’m sure the sp will rise a little as opportunists jump on board.

As stated, I wonder why the current owners are willing to give the company away to an unknown with no experience in the sector, unless it is linked to Chinese approval and sales of Fortacin. But as mentioned before, why was it not snapped up by a bigger local company ?

I have not given up on Fortacin and still do believe there is huge potential, it’s just unfortunate we are dealing with arrogant numpties who didnt do any homework or market research on the product.

It is quite apparent from the above discussed loan notes that they are only interested in lining their own pockets even when the company is going through a troublesome time. Why has JG not opted to do the good thing and take a reduced salary ? Why is the Chairman not recommending it ? Why are the BOD still approving of it. Good Will starts at the top and they really don’t seem to care, in contrast to what they express in emails and or announcements. As I stated before. There are many much larger companies where CEO’s would be more than happy with half his salary.

Anyway, as you state. We are just pi’s hanging to coattails.

I wonder how Dr Mike is taking all this since he is not mentioned once and seems to no longer have a part to play in the company or in the products future..... sad really.

Did anyone notice that the 3 year 4% interest had been rolled up in to the total number of shares ? I certainly didnee until Pom pointed out the error of my ways......

From the announcement 719,435,294 shares at 0.2125HKD = 152.88mill HKD (you will notice that figure is not mentioned anywhere) which is 719,435,294(1-1/1.12)=77,082,352 shares. The figure that is mentioned = 136.5mill HKD, so a 12% up front increase in shares as interest payment. And, although they show the % increase, are they not trying to deceive shareholders by not clearly stating how much its going to cost us?

Also, surely it would be in our best interest to make the payments to them at the end of each year, otherwise their 4% repayment is effectively going to be much more as the share price increases. i.e if the SP were to triple in 3 years (not impossible), that means their interest payment will be 77,082,353 shares x 0.75HKD(based on 0.25) = 57.8millHKD in interest which is 49+% on the proposed discounted SP value. 49% would back calculate to an annual compounded interest of 14% (3.5 times more than 4%). Is it normal to pay upfront interest on loans before monies have been used ?

I wont contemplate a "what if the SP drops lower scenario". That is nonsensical given we are purchasing Yooya with expected growth (otherwise why spend the money) and we should have completed the FDA process by then too. Which is probably why they have gone for broke in providing a 3 year loan since they obviously have huge expectations over the next 2 to 3 years.

I also notice that they refer to "Previously Advanced Funds and deferred salaries" of 42.9mill HKD (5.5mill USD). Other than now, when were shareholders advised of these ?.....Have I been completely ignorant and missed all these ? (appreciate if anyone can point out when and in what announcement shareholders were advised). Are these things not price sensitive considering the are part of the companies financing ?

Obviously the above are just speculative figures on future SP, but as mentioned, not impossible given we will probably have FDA approval by then, income from Yooya and surely better Fortacin sales figures under our belts.

If anyone disagrees with the above workings or feel I have made mistakes, please let me know, its all open to discussion.

Hi prof, I hope you are feeling better now.

I'm a little confused regarding ur statement about not being fussed about the dilution. You do realize there are possibly 2 lots of dilution. 460+ million for the Yooya purchase and another 700+ mill for 17.5 mill usd. What's all that money going to be used for ? I get the Yooya purchase as it would appear it could add well needed value and income to the company, but there is still no explanation as to the huge monetary requirement.

Of course and I'm only speculating here since there is no news, the convertible bonds will not all be issued in one go but gradually over a period of a few years to pay for the future companies needs. But that would mean they have made some proper forward planning regarding requirements, which is totally out of the ordinary from managements previous history on managements forward planning. Maybe these are the results of input from mr AL ?

Will we ever get clarification ?

The Italian,

Yes....lets at last hope so. This has dragged on for so long with so many empty promises and now a significant dilution.

Lets hope the local HK investors read a lot into it so the SP doesn't drift down to the placing price in the next few weeks. Mind You, based on the PLE T/O, we are looking at 6 months before those shares hit the casino.

And still no news on HK and today being the end of May. Nor an update if Recordati will yet again renege on their next scheduled launch.

Morning The.Italian,

Yup my bad. I didn't look at the AR, but instead looked at an email I received from JG sometime back where he quoted total share figures for himself and JM. Looks like he made a typo in total %....... ;-)

The.Italian.

I think you will find JG currently holds about 6%. The 3.77% is after dilution. The 5.64% is after he receives his quota.

It could be argued that he would then be slightly less incentivised than now.

Sldmr.

Maybe you are right about that, however. It seems more like, and i could be wrong, some desperate attempt to change the fortunes of the company since they are unable through managements incompetence to make any money from Fortacin. Even with 3 license agreements. Maybe Lorne can add some value there too. Although I am sure JG will be very wary given that LA is a much more capable CEO.

Interestingly my broker just wrote......They rape the company over the years with Salaries etc, then they loan that cash back to the company and charge them 4% interest for doing so and then dilute the holders at a discounted price....Shocking again.... He seems positive about the news.......... LOL

So what are they going to do with the 17.5 mill ? and remember they are meant to be getting 4mill from China by the end of this year so that's 21.5 mill....... I guess first job is to give JG a pay rise........