Member Info for bignose58

I notice that the HKSX website is showing a much lower market cap than aastocks which I assume is because in reality the new shares wont be tradable until Friday the 13th... :-O. aastocks are still showing 4.8bill shares rather than 4.567bill

https://www.hkex.com.hk/Market-Data/Securities-Prices/Equities/Equities-Quote?sym=575&sc_lang=en

It will be interesting to see the sp direction once the new shares become tradable. I cannot help but think they will go down to reach nearly the current HKSX market value since most of the monies received is already earmarked to disappear. Hopefully I'm wrong and it stays at the current level (before the sp was manipulated down for the Rights Issue).

Morning The.Italian,

Yes, all a bit strange (but is it). I also notice neither Mellon's parents or Jayne Sutcliffe took up their rights. And Jamie didn't take his full quota which, I suspect, is a mix of him receiving shares and money to cover his loan ???

So what now ???
The money they now have for business development (approximately US$5.50 million), I suspect is earmarked to cover the FDA phase III costs ? (although we are expecting about 5mill USD once the Chinese submit their results later in the year which could cancel that out). And of course a possible US license agreement, however. That is becoming a red herring given nothing has materialised even with the (I would assume now considered) BS marketing report made a couple of years ago. (The US patent period must also surely be unattractive now, although I assume they can apply for an extension?).

I guess the remaining approximately US$2.09 million as gen working capital will be redirected to the DLI which has still yet to produce any income?

Where I wrote "but is it " above. Could this be the game plan by JM all along to ensure he keeps full control ? Surely any institution would want a voice and could cause issues at any AGM/EGM voting. Of course, JM will always have the controlling votes, but they could cause problems given a certain % is usually required for a motion to pass (speculation on my part). It could just be as simple as no one trusts him or any of the A team ... ;-)

I'm not holding my breath on any forthcoming op update/news before the usual profit warning and year end results in a few weeks, although one never knows with this crowd now the dirty deed has been done.

Is Terminator really just fantasy or do film makers know more than what they are putting on the big screen………“Do not adjust your set…..” doododoodo, doododoodo….The outer limits. LOL

Yes, it is rather disappointing. Mind you, we should see a China launch this year, unless they know something we don’t…. :-O ….lol

The.Italian, my 09:35 post was with respect to the two words I used. They were replaced by **********. I tried again thinking there was typo, but the same thing happened. Yet when typed separately they were left untouched.

Given the company needs to get Fortacin out there and on tap, they could have invested 50k over a few companies to fulfill any requirement, unless there is a minimum a company must invest, which I very much doubt. The money could have accelerated the FDA approval time line (Dr Mike did state if he had had more money, we would have had approval 2 years ago…..if it’s to be believed). I notice in the original DLI announcement they cited COVID as if it would create an early income stream, but far too late for that now …. Lol

Well that's interesting....why would the system remove the two words
share
and
exchange
?

Not sure why that was removed (***************** = **************)

Morning The.Italian,

I'm still finding it difficult to understand why none of the original DLI investors appear to have not subscribed to the rights issue. It could be understandable if they were individuals who maybe don't have the money ?, but as one can see from the lists on pages 5 and 6 of the Disclosable Transaction announced on the 2nd Sept 2020 and shown below, they are all corporate or institutional investors. None of whom, I am sure, would want to see their shareholder investment halve in just over 2 years.

http://www.endurancerp.com/ICMServlet/download/13-2359-3824/EAnnt-DLIAcquisition(02Sep2020).pdf

Bold Capital Partners II, LP
Emerging Technology Partners, LLC
Human Longevity and Performance Impact Venture Fund, L.P.
Human Longevity, Inc.
InSilico Medicine Cayman SubCo
Insilico Medicine IP Limited
Longevity Vision Fund I, LP
Tubus LLC

(The remaining Sellers not listed above, being the Individual Minority Sellers, are all individuals whom have confirmed their sophisticated, professional, high net worth and/or accredited investor status).

Since it was a pure **************, as far as I am aware, none of the investors took the money and ran but took the shares.

Surely, given the lack of interest in supporting their own funds investments, this could point the finger towards the suspicion I had of something tasting bad with the deal at the time. They all have to answer to their own shareholders, so why not even vote against the rights issue if they had no interest in taking them up ??? It really doesn't make any sense.

Am I writing rubbish or is there possibly some credible reason ? The only reason I can think of is they all offloaded when the shares jumped 100% before the news was announced and a further roughly 100% following the announcement (although I am sure they were not allowed due to time constraints), which also nearly coincided with the Recordati OTC announcement. That said, I'm sure I have not witnessed 18% of the companies shares (over 432million) being offloaded since then, even if there were a few minor pump and dumps along the way.

Although a lot appear to be shown on the 12th Dec, its interesting that the list doesn't appear to be in chronological order. Some earlier announcements are shown after those for 2022. Chinese new year spring cleaning ??? ... lol

Seems the company pulled several of the documents uploaded before the rights issue (12 Dec)

https://www.endurancerp.com/template?series=17 (Thank POM for noticing it).

I wonder why ??? Cause for further speculation ???

I still find it strange that the DLI holders didn't subscribe. No confidence in ERP or even their own DLI which is a part of it???
I wonder what ERP are up to ??? Will they just be given shares as options, although that still wouldn't make sense given the holding they had (18%)

The.Italain,

Since they probably have a game plan, I would suspect they actually don't give a hoot about what is written or understood. Maybe the more confusion there is, the better it is for them since they can take their eyes off the ball and not worry about any one or any entity paying attention.

Of course, one could question my speculation on it being planned given ERP had no control over who would take up the rights, however. I am sure they would have made an educated guess on the support level just by considering the number of shareholders who actually vote at their EGMs which is generally very very low. That would pretty much give them an idea of how many shareholders were willing enough to throw more money into the black hole.

Just my opinion on it of course, but I just wanted to clarify my reasoning, which is probably wrong.....lol

Morning The.Italian,

Thanks for your clarifications, which are indeed as I thought. What confused me with respect to the last announcement was they wrote. "a total of 18 valid applications had been received for a total of 596,860,148 Rights Shares, representing
approximately 24.87% and then they wrote "Pursuant to the Irrevocable Undertakings, Mr Mellon, Galloway and Indigo have respectively subscribed for 403,806,071, 77,082,353 and 25,791,905 Rights Shares" which I took to mean those last listed shares (403,806,071, 77,082,353 and 25,791,905) were in addition to the already stated 18 valid applications as I was expecting a much larger take up by PI's. What they really meant was that the 18 valid applications "included" those of Mellon et al.

So in fact, only 90,179,819 of shares were taken up (a measly 3.75% of the total rights) by PI's which also indicates the DLI holders, who held 18% of the company, didn't subscribe ??? JM/JG surely must be embarrassed by that figure since PI's held the remaining approx. 35%+ shares, which, again, makes me wonder if this was all sort of planned ??? It will be interesting to see if and who takes up the remaining 1.8bill (outside of the underwriters). Especially since the BOD seem "pleased" PI's hardly subscribed leaving them with such a large amount to offer to non-shareholders. ???

Anyway, thanks again for your time.

Appreciated.

Morning The.Italian,

Did you spot my glaring typo.....

That should have been 75%, unless I read it wrong...lol. They are pleased (why pleased? Surely they mean disappointed) that they only received 18 valid applications being 25% of the shares = 596,860,148 plus Jm et al of 506,680,329 = 1,103,540,477. Yet they write that the remaining 75% = 1,803,487,733 will be subject to the Compensatory Arrangements. i.e offered to non shareholders. Maybe they are pleased since this could give more shares, as you indicate, to mates or could I be vulgar and suggest they may be offered to institutions who now see a possible increase in value this year with FDA and China? Now that would certainly be a coincidence).....lol.

However, what I don't quite understand are their numbers. if I add up the 25% + JM + remaining = 2,907,028,210 shares in yesterdays announcement, the sum does not equal the total listed rights shares in the Sep 26-2022 announcement = 2,468,728,881. However, if I add the above JM shares twice, I get the correct figure. The question then is why are JM's shares included twice since the 506 odd million are surely part of the 2.466 billion rights issue as per the sept announcement. ("he will, and will procure Galloway and Indigo to, subscribe for 506,680,329 Rights Shares")

What am I missing ? Is it all lost in translation? I notice the total number of shares shown on aastocks is, as we discussed in a previous post, = 4,801 bill and is per the announcement in Sept, which is not the same as 2.4 + 2.9 = 5.3 bill shares above. I am very confused with all the numbers and %'s being used including the additional 500+mill shares. Unless the shares are issued to offset the JM loan, but surely the loan exceeds the number of additional shares. Also, what happened to JG's loan/shares since I don't recall reading anymore about that loan, which matured mid 2022 (shares were at an sp of 0.25HKD)

Do you have a better understanding of the number of shares that are supposedly to be issued (assuming all rights are taken up or shares bought). Is there something outside the rights which I have missed. I they do mention options, but I was under the impression they are included I the final sum.

I would appreciate any feedback you may have to show me the error of my ways.

Morning the Italian,
Although they will try and dispose of the remaining 25% on the open market, I’m hopeful no one will be interested, given my rights were never sold.

Hopefully, since less dilution for us LTH’s who didn’t subscribe.

Happy New Year by the way. Let’s hope 2023 is full of good health, wealth and happiness. And of course the resignation or sacking of JG (one can only but dream on that one). Lol

Apologies for the incoherent first clause. In my mind I was thinking they were deliberately withholding information, which of course you had not explicitly written. I’m just too eager, hopefully understandably, to condemn ;-)

Morning The.Italian,

Yes, of course they will, particularly since they are now effectively in a closed period. Their timing, as usual, when it comes to screwing investors is spot on. It’s a pity they cannot run the business as efficiently.

Given there has been a delay of a couple of months and with no lockdowns, maybe they can expedite the submission sooner. (they could have already been compiling it during the delay). So, fingers crossed on that one.

According to the China drug trials website, the phase III recruitment has now completed, which I guess means a possible approval towards the end of next year, if their previous timelines from completion to submission and approval are still valid.

A good start to 2023 anyway.

http://www.chinadrugtrials.org.cn/clinicaltrials.searchlist.dhtml (search for PSD502 and use google to translate the page).