Ben Richardson, CEO at SulNOx, confident they can cost-effectively decarbonise commercial shipping. Watch the video here.
Yet in the announcement on 29th March 2023 they state.
Based on the FDA's published target review period guidelines which includes time to review the newly provided information, the Board continue to anticipate grant of the De Novo request in Q2 2023.
So, actually anytime from now until the end of June.
Although they have recently employed that local HK director, so maybe not as ominous as I’m alluding to :-)
And you may be right regarding volatility etc given that FUM only has 293mill shares in issue and the sp has not been as volatile as one could expect.
Morning The.Italian,
I appreciate the feedback. It is really difficult to understand what they intend to do but it certainly doesn’t feel right. So much for their ideals of becoming one of the largest pharma companies in HK. In fact it just highlights even more to the locals what a bunch of clowns they truly are.
I wonder if they want to return to their roots as a mining investment company given they may have now realised they are out of their depth regarding pharma…….. lol
And remember, the consolidation after the PLE takeover was only 10:1 from 15 billion shares to 1.5billion, which I consider a more reasonable. Why didn't they consolidate at 20:1 back then when there were 3 times more shares in circulation !!!
One more point.....
If there will only be 228,345,953.75 shares after the consolidation, does this leave the door open allowing the company to issue a shti load of shares to II's who will want a piece of the pie at a preferential price and not buying on the open market for obvious reasons ????
I've been thinking a little more about the 20:1 share consolidation and why they would want to consolidate by so much when it makes no sense, especially now when liquidity will surely be important as news is released.
Initially one of the main reasons they gave for moving to the HK market was because there would be more liquidity, but surely by reducing the shares by 20 to 1 (result = 228,345,953.75 shares) would have the opposite effect and reduce liquidity due to the number of free shares available. Also, surely with less shares available wouldn't the sp become much more volatile in nature ? Given they have stated on numerous occasions that either money would be either returned to shareholders or a shareholder buyback scheme could occur, the latter being utterly stupid now considering the few shares that would subsequently be in circulation, does this not then pose the question that the company must be up to something which I am sure will not be beneficial to shareholders.
Also, I am still confused about how they have tabulated the number of shares as per the tabulations in the DLI takeover (ref announcement sept 2nd 2020 page 13) and those tabulated in the recent rights issue(ref announcement Jan 11th 2023 page 3). Given who have been listed, It would seem the 4 parties involved as the investors of DLI (Zavoronkovs, Insilico C and IP, Other parties [whoever these are]) now appear to be wrapped up under PI's since. PIs were holding 60% of the shares after the DLI takeover (at 1,372,940,120 shares) and were holding 75% before the rights issue. (1,372,940,120 after DLI to 1,796,554,466 just before the Rights issue) the difference is approx. 422, 687,680 shares being those held by the 4 DLI investors above and approx. 9% (being half of their original 18%). Why is the company now listing them as PI's when companies are involved and they are all individual significant shareholders ? And of course, as I noted before, why don't they appear to have taken up their rights since only 37mill shares were taken up by PI's which apparently "A total of 18 valid applications had been received for a total of 596,860,148 Rights Shares". 6 of which are part of the consortium contributing 482,599,542 shares which leaves 114,260,606 shares unaccounted for which is less than half of the 422,687,680 shares held by the 4 and considering there were 12 - 4 = 8 others PIs that must have taken up shares, indicating it could be even less. does this also indicate something is going on ???
Anyone else have any concerns as to what appears to be things going on in the background ??? Or are my figures all wrong and I need lessons in Maths/Accounting ???
Mmmm. I may be wrong, but it looks like the company maybe taking steps with respect to the Chinese approval and eventual income stream process by appointing a HK director with accounting experience who also has fingers in other listed company pies on the HK stock exchange. A good sign ?
Up 26% at close which is not 3 bad, although it still is only 12.5% of the recent 50% drop. That said, the recent update, although not mind blowing, did indicate the Chinese are steaming ahead since they released very positive data results. This could indicate a submission sooner rather than later, hence the buying spree today. They just can’t get hold of those little share certificates…. :-)
A nice rise today (currently 17.78%) on only 2.37mill shares. Certainly an indication that there are now fewer shares in circulation. I’m sure when news is released of the China submission a nice rise will take place followed by a long trend upwards as the countdown to approval ticks down. I also feel the approval may be granted sooner rather than later.
Although I posted FUM as off topic, I was also thinking that maybe it could be used in combination with Fortacin, however. In hindsight, it may not be possible since FUMs gel is rubbed on to the glans of the meat which our product would then desensitise and therefore could be better suited alongside oral drugs like Viagra etc. (not sure if applying our product after the effects of FUMs gel have taken place would work though?)
Just remember, based on past experience any timescale given will be plucked out of the air and be far too optimistic. Most timescales have taken considerably longer and I don’t trust this to be any different. Phase II has taken 4 years with less than 100 subjects, so I expect the same timeline pro rata’d to suit whatever the subject number requirements are for phase iii
So, I would expect approval to be at least a couple of years away yet.
Roll on the Chinese approval to at least keep the ship afloat…..lol
If I remember correctly, after upscaling PSNW could have manufactured 50k cans/batch, which is 67% more. I just wonder if the alternative company will perform an upscaling exercise too given the 30k is closer to the “before upscaling” rather than after. Surely Recordati needs more than 30k asap if the E5 are to be covered in totality ?
Currently the manufacturer needs to supply Europe and Taiwan and although there is no requirement for China at present given they are now in an administrative period, I would hope they are working with a local manufacturer and seeking approval and who, I would guess, would need the procedure from Italy (but could there be a problem regarding this and propriety information ?)
I just feel that after the many years of delay due to the manufacturer issue, there doesn’t appear to be any discussion on how they are addressing the possible lack of supply. Remember 30k cans at around say 40 euros a can is only 1.2mill which ERP gets, what is it, 15% (180k Euros). Certainly need to sort the batch size and supply issue out.
Trifling process ? Probably cos I was cooking …lol
I meant submission.
Not wanting to throw too much water on the fire, but. I was expecting good Chinese results since it has already been proven. I would have liked to have read on trifling progress, unless I missed it. And
Although they allude to cans flying off the shelves, 30k cans now and 30k cans expected in June does not fill me with huge expectations. Will the manufacturer be able to keep up with demand elsewhere ?
It will be, I’m that good …lol
Afternoon The.Italian. I’m now back in the UK for 3 weeks visiting my dear old mum (91). Not been back for nigh on 4 years. Just ****ing casserole for later ;-)
What….another one :-O
Certainly makes one wonder about the timing. No information provided in the rights prospectus, (why? When most rights issues include some incentive information). Then trading started in Jan when they surely knew about the name change, capital reduction and consolidation. This was followed by the results a few weeks later and wham the sudden drop by over 50%.
Certainly very very questionable !!!
And there was Dr M calling it snake oil. Well all I can write is. Snake oil or not, it certainly appears to refresh the parts that no other snake oil can reach.
https://www.youtube.com/watch?v=_Se0d3spD5o&ab_channel=advertarchive