Member Info for bignose58

So, no point in taking up any rights, just wait till the sp has dropped.....again.... :-)

And of course....Since the money is to pay off the loans with some spare to cover operational costs, it adds no real value to the company. As such, given that there will be approx 4.8bill shares, the share price will drift down to around 0.035HKD to get the same market cap as where we are now. Unless there is some income, which there wont be, otherwise why make the rights issue which wont come into effect till the end of Dec this year.

What's really interesting is how the timing closely resemble the DLI purchase. Is it me or are they really orchestrating it this way ???

So after a quick read.

It would seem that overseas investors will not be able to take up the offer. WTF (aren't JM and his cohorts overseas investors.....that includes JG who is now registered in the UK ?).

Following the issue, Mellon and cohorts will own nigh on 60% of the company and a whitewash waver will be applied for. Meaning they do not have to make an offer for the company. Also if shareholders don't agree to the rights issue, it wont go ahead and the company will effectively go bankrupt. I don't quite follow this since if they take up their rights, wont they own nearly the same % of the company given its 1 for 1 (I'm obviously missing something important here)

The rights issue will be closed out at the end of DEC 2022 or beginning of Jan 2023 meaning there is no foreseeable income from any agreements before next year What has happened to the possible US agreement.? It would now seem this will not happen till next year and not on the commencement of phase III.

The issue is based on a closing price of 0.1 HKD, yet, interestingly a few weeks ago it was a lot higher. certainly appears to be the same procedure as the DLI debacle when the SP was driven down and the purchase agreed at 0.7HKD. Then before any announcements were made the price suddenly went up 100% !!! Also note that at the same time they made the announcement of the EU OTC approval (are we going to soon see an announcement of the Manufacturer approval and a price increase given it is due now ???

This certainly makes no sense "The Rights Issue would result in a theoretical dilution effect (as defined under Rule
7.27B of the Listing Rules) of approximately 13.89% to the existing Shareholders if they elect not to participate in the Rights Issue" As far as I can see......2,400,347,881 + 2,468,728,881 = 4,869,077,762 =>>> a dilution of 50.7%
(then again I didn't read rule 7.27B which is probably to a different base number....lol)

Just read it. What a complete farce of a company, led by total incompetence. Obviously there is no US license agreement coming any time soon and the amount they are wanting certainly questions all other agreements that are in place providing any worthwhile income for quite some time.. The way the rights issue is being arranged is the same way they shafted us all with the DLI debacle. That was 23% dilution to existing shareholders and now this is 50%. So, overall in the last couple of years shareholders have lost nigh on 62% of their investment through dilution. And of course the first person who will get money will be JG since the company owes him and he will make sure he gets first bite of the apple.

Why anyone would want to give the company any more money just to see them wash it down the toilet is beyond me. It also suggests that they may have already tried to get money from mates etc who, after seeing their earlier investment demolished, would not think of putting any more in....That's apart from JM who needs to keep his % up and who will pay for it out of petty cash.

We seemed so close to start seeing some return, yet, they still manage to pull the carpet right from under our feet.

Nothing more to say apart from "Disappointed".

Ouch, 22% drop on opening. Someone’s had enough and will accept any price to get out.

The sp is pretty dire again, although it’s being driven by low volume and minnow investors who, as I’ve written before, probably have no idea what the company is selling. The m&ms and brokers, I suspect, are currently of the twice bitten etc mentality given how the companies projections have been an utter joke, time and money wise and are waiting, like us, to see what happens in the next few weeks.
Given how the majority of investors are Chinese, I’m pretty sure they will respond well to the Chinese news, but until then we are at the mercy of the minnows who will accept any price.

Morning The.Italian

It would seem that Orients supply is on the back of any Recordati PO, so logically no current licensee will be supplied by PSNW, although that isn't to say China wont be. But I wouldn't be surprised if they don't use their own manufacturer as PSNW would be far too troublesome. And of course there is Israel, but they're too far in the future to even consider now.

Recordati have yet to decide and advise 2023 pricing which will surely be impacted due to the expiration of the RU market exclusivity which still wont give much time before any generic is available as the the term of all European patents expired in March 2016. And the EU SPCs expired in March 2021.

No announcement made for Singapore since its not considered price sensitive, meaning no sales....lol

Any further news will be made available in the next Op update which could be anytime since no expected time was provided.

Not much to go on really, although the Recordati/Orient PO agreement is of interest since Recordati will be pulling all the strings.

Morning The.Italian,

Given that PSNW have been supposedly working on a solution to the impurities problem for quite some time, which appears to have been identified and sorted fairly quickly by the Italian manufacturer could point to some incompetence, which I am only basing on the little information we have been provided, however.

It would certainly seem that Recordati and our management (who appeared to have had little interest in helping to solve the problem due to having the wrong and inexperienced people in charge) can also shoulder some of the blame for not seeking an independent 3rd party sooner to help find the problem, which, I must say appears to be a simple and basic in the face issue (using natural air to clean the cans rather than an inert gas). I could be oversimplifying this and I know its easy to throw stones when not having all the facts, but surely the cleaning process would have been at the top of the list with regards to impurities???

Although we are now in a better position, we have lost valuable patent protection time which could cost us all dearly given a good amount of money is made in the years before a patent expires.

Anyway, we now have to wait and see how things progress once the approval is forthcoming. So, here's hoping for an announcement or two which are due towards the end of this coming week.

The.Italian,

Thanks. but I will pass on that. I have no interest (positive or negative) in what this person has to write since it has its own agenda regarding the company and the people that are a part of it and any discussion involving the said person just feeds its problem.

I'll get any recent information direct from the company who I recently emailed following my last posts, Hopefully I receive the usual prompt response.

Of couse it could mean the manufacturing process has changed and PSNW need to apply for some variance, although nothing has ever been stated about that.

The.Italian,

Well we are supposed to have news on the EMA 3rd party approval and on the Type C meeting at the end of this month. Although I am uncertain on the significance of the EMA approval since sales were pretty diabolical in Europe and projected sales by Orient cannot come to much given the market size of all the small regions involved, however. The type C meeting and subsequent phase III start could be significant since it could lead to the elusive License deal which I hope would include some remuneration for the Phase III otherwise it could take till 2024/2025 before approval is gained (based on how long it took from advised phase II commencement and where we are 4 years on). I would suspect any licensee would not want to wait that long, so they may inject enough to fast track the process ?

Another thing I am trying to understand is what part does PSNW play, if anything at all. The interim report didn't mention them but did state.

Recordati has submitted a type II variation to the EMA for adding the European manufacturer to the marketing dossier as an alternative manufacturer with approval expected by Q3 2022. Once the new manufacturer is approved, it is expected that commercial supply will resume for Recordati’s territories. We are hopeful that this new manufacturer will be able to offer continuous supply of Fortacin™ to Recordati and our other commercial strategic partners bringing in royalty revenue for the Group once commercial supply of Fortacin™ has resumed, Orient EuroPharma will be in the position to place new orders and continue sales in Taiwan, Hong Kong and Macau.

Which I take to mean Orient are to be supplied by the Italian manufacturer too, otherwise. Since both the impurities and manufacturing problem appear to have been solved a couple of months ago, why do they need to wait for the EMA approval before ordering ? Certainly very confusing as they do state . Adding the European manufacturer to the marketing dossier. which would mean PSNW are still onboard ???

The sp once again is in free fall ending up yesterday at just above 0.1HK$. Amazing why anyone would want to sell at such low numbers both in sp value and quantity when news is just around the corner and knowing any sale with knock such large % ‘s off the value.

And it is rather strange the company has not made any announcement regarding the approval, especially since it’s over 2 months ago and surely even Orient would have advised ERP of this.

However, it should mean further exposure which we desperately need.

Morning The.Italian.
Well found. What made you search for that .?

Although I live in Singapore, I must admit, I hadn’t looked in a long time since we had waited so long for HK and Macau, I thought it would take a couple of more years.
That said I don’t expect much in the way of sales since there is no advertising allowed and it will be competing with the local Asian witch doctors who will be prescribing dragon nose, bat fart and ground tiger dick as a medication….lol

Don’t knock garage life. For some it’s their Aladdin’s cave full of all the things a man hordes just to look at and think of the great things he may use it all for. Especially since it’s a silent retreat to get away from those critical eyes, wagging finger and continued nagging….lol

Yes, it does appear that Leap was in every other post being ramped as a game changer......but like many games, as you allude, they have lost. It seems the last CEO (what was his name again something like Abalone - a sort of shellfish character...lol. He stepped down just the right time (or did he leave due to a possible disagreement with ours truly?).

Jim must have has stacks of cash and just doesn't know where to put it all, especially with the recent interest rate hikes. He must surely be rolling in interest payments. Pity he doesn't want to lend us a very very large wad to get the phase III over the line toot sweet (Unless there is some super deal where the licensee will take control and pay for the phase III - which I'm beginning to doubt).

Anyroadup, here's to hopes of positive news in the next couple of weeks.

Obeliskally you did a great job since Mrs I let you back in the house.....lol

I see SEED's sp has recently crashed. The Yooya deal obviously was another white elephant. Certainly seems to run yet another parallel with RPG/ERP and JM's vast investment experience. It would seem we got off lightly with our white elephant investment....lol

Morning The.Italian.
How is the Obelisk ? I thought you may have gotten the ‘needle’ since we received no update….lol