Thanks Chester for that informative and honest opinion. You are indeed a credit to this board.
Hope you make back your losses and more!
Champ
Chester, thanks for the quick summary on TRX. I'm new to TRX having picked up several million at the recent placing at 0.25.
I appreciate the reasons for the cash raise, but what I don't get is how any LTH would still trust the board with a 75% placing discount to SP or be happy with the way it was done (so soon after good RNS). Surely a lot of LTHs have lost a lot from the recent SP action. Was the placing expected?
A lot on here are now saying let's look forward as we have the funds and the SP should get back to at least the 0.55 range within the short-term, but surely the board could have done this at a much less discounted rate, or couldn't they?
I'd have to have confidence in the board not 'screwing' PIs again to think long-term with this company.
Thanks for your thoughts.
ATB, Champion
Interview was about 3 weeks ago........
Chester,
The Primary Bid and Placing will both contribute to a minimum raise of £12 million. They haven't detailed what proportion of each so I guess they're waiting to look at demand. They may well raise more than £12 million if institutional interest is good, and I suppose why not at such an attractive discount.
Placing at 75% discount certainly also attracts current holders to try and 'bring down their average' and I do feel for any current holders given they did say they had enough funding to see them into mid-July after US govt funding.
Board also going to invest in 250 million shares at placing price.
I've subscribed to a fair few myself.
Cheers, Champ
Anders, I see your point but doesn't make sense for the EPL to get the 'rebranded' test from HK when they could deal with an anglo-french company at their doorstep. And why are Prenetics quoting £100 for each test? Anyway, maybe not worth discussing anymore as £4 million will be peanuts when US figures come in....
Guys, this is not a Primerdesign test. As far as I'm aware, you are supposed to spit into a test-tube and then it gets analysed on a PCR machine. Primerdesign recommends nasal/oropharyngeal swabs. I suspect the sensitivity of this test won't be as high as NCYT test. I'm surprised the Premier League has gone for this, but then again the person who decided probably getting some kick-backs for recommending an inferior test. Why would you get a test all the way from Hong Kong?!
I’m surprised that the EPL have taken up a £4 million contract with Prenetics, a HK-based company to supply all premier league teams with Covid19 PCR-based home kits to test players before matches. At £100 per test for prenetics, I’m sure the genesig test is cheaper and far more reliable.
Are NCYT not marketing their product aggressively enough? I know NCYT have over £90 million sales already, but surely the sports market would be a nice earner going forwards.
Interesting they have chosen an Asian company when there are European companies at their doorstep supplying these sorts of tests.
WHO: 'No Evidence' That COVID-19 Antibodies Protect From Potential Re-infection
https://time.com/5827450/who-coronavirus-antibodies-reinfection/
Whether it is re-infection or later reactivation, the principle remains that antibody tests are currently less important than antigen testing. Until we understand more about the natural history of the disease and/or discover a much better antibody test than is currently being developed, antigen testing in the hundreds of millions is around to stay.
Viva Avacta! CWH
I wouldn't worry too much about antibody tests as a competitor. Firstly they're measuring different things as you know. More importantly, I suspect they won't be that useful initially as we still don't know whether having antibodies means you aren't prone to getting re-infected, i.e. your body hasn't been able to mount an appropriate immunity despite having antibodies present. We are already seeing re-infections in certain Asian countries.
AVCT are doing the right thing by concentrating efforts on point of care antigen tests, as we'll need billions of them over the coming year!
Excellent podcast. CEO spoke very well.
Key points:
1. No further fund raising planned over medium-term
2. Very confident of success for COVID19 LFTs validation and CE-mark process. Excellent sensitivity and negative predictive value already tested.
3. Affimers shipped to Cytiva already and should have LFT device ready in a 'few weeks'
4. Onclogy/tumour tech still main-stay of company and advancing extremely well on all fronts (e.g. doxorubicin trials, biological markers e.g. POC D-dimer tests, Vit B, oestradiol (fertility) tests etc)
5. Tie-up with Adeptrix will open up market for widespread, quicker, larger volume PCR tests.
All in all, very confident presentation and interview. I'd be very surprised if AVCT didn't close at least 10-20% higher tomorrow.
Cheers, CWH
This company goes from really bad to indescribable.
Andrew Dennan, just kicked off Coro Energy (itself a failed mid-tier oil cap) as CFO and accepts a minimal-paying NED post there, looks around AIM to find some suitable employment to maintain his undeserved wages. Lo and behold, welcome to Ascent Resources!
This AIM rollercoaster for well-fed, high BMI (aka HNWI) individuals continues to support the greasy, gravy-train led pointless-existing executives that steamroll through private investors' pockets without shame. Then as they leave the station packed with stranded, impoverished investors, they stick their hand out of the driver's cabin not for a final wave, but for another funding handout to unsuspecting investors waiting at the next station. Toot, toot, all aboard (for the Board) now!
Morally bankrupt t0sser$.
“Sledgehammer to crack a nut” eh Zaza?
Well our shares are definitely now worth peanuts.
Reasonable question bapuk. Not sure why some posters react so insecurely to discussion points. Picked up from advfn board:
“Trading update April 2019, they raised 635k at 10p in May 2019.
Trading update in August 2019 and they were using 750k of their OD facility. They then raised at 10p in Sept 2019.
Trading update in April 2020 and they were using 660k of OD facility. It?s a no-brainer they will do another placing.....”
Although I don’t necessarily agree with above, we have all been burnt before as PIs with placings at the wrong time. I haven’t seen any details of the govt funding that odx could use, but certainly helpful that we don’t need to raise imminently according to CEO. I do hope he remains true to his word, but AIM companies do have a habit of stinging PIs for the benefit of hedge funds/HNWIs just prior to the cusp of a big move. Look at AVCT, pretty blatant! My advice would be (and of course DYOR) to buy some now but not pile in just yet despite odx’s huge potential.
JMO FWIW.
From CNBC: "Health officials said Friday that federal agencies are increasing coronavirus testing capabilities at state and local labs, and plan to streamline the process for private development of test kits.
The announcements come after California officials criticized the Centers for Disease Control and Prevention for delaying testing on a state resident who has COVID-19.
The Trump administration plans to release guidelines “very soon” that will expedite the commercial development of test kits, Health and Human Services Secretary Alex Azar told reporters in front of the White House on Friday.
“We also very soon through the FDA will be rolling out streamlined guidance that will allow private labs to create their own tests based on essentially the recipe the CDC has used in their test kit,” Azar said. “Private labs throughout the country will be able to come forward and get very streamlined access to approval by the FDA to be able to use that test to really enhance the capacities that we have here in the United States on testing.”
Separately, Dr. Nancy Messonnier, director of the CDC’s National Center for Immunization and Respiratory Diseases, announced earlier on Friday on a conference call that the agency has released a new diagnostic test for COVID-19. The CDC, she said, also rolled out guidelines for how state and local health labs can correct previously faulty test kits sent out by the CDC.
The changes, she said, will improve the country’s ability to quickly identify and treat COVID-19 patients.
“Labs can start testing with existing CDC test kits ... This will increase testing capacity at state and local health departments,” she said. “Additionally, CDC has manufactured brand new test kits.”
As you can see, all of the government hospitals will be using CDC-manufactured kits, not commercial ones like PrimerDesign. FDA approval will not mean massive orders in the US, and a lot of labs around the world are using locally produced kits. At current MC valuation of £90 million, this share is a massive gamble and could collapse quickly once private/public labs produce their own reagent testing (e.g. as per CDC guidance). Be careful!
"Friday, March 15th, 2019
Taylor English Duma LLP is pleased to announce the addition of William DeClercq as a partner in the firm’s litigation practice. He will serve as a remote partner based in Los Angeles.
Outside of his law practice, DeClercq is a writer, actor and comic, recently seen in a full-length legal improvisation and sketch comedy show at the Ice House Comedy Club in Pasadena, called “Law & Disorder – LIVE.” He is in the process of launching a legal/comedy podcast, with a working title of “Laying Down the Law,” anticipated to launch in Spring 2019."
Well that explains the inappropriate Star Wars references in our initial response.
Comedian eh? Let's pray that Hope is not laughing all the way to the bank.........
DeClercq's Cayman omission has certainly put us on the back foot and appeared to make Seeborg's mind up.
Well here's a joke for his podcast. What do you call a Frontera Board of Directors undergoing company liquidation?
Hope-less.
AGM Resolutions:
1 THAT THE REPORT OF THE DIRECTORS AND THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2018 AND THE REPORT OF THE AUDITORS THEREON EACH BE RECEIVED AND ADOPTED
2 THAT MR CAMERON DAVIES, WHO RETIRES IN ACCORDANCE WITH ARTICLE 25.2 OF THE COMPANY'S ARTICLES OF ASSOCIATION AND OFFERS HIMSELF FOR RE-ELECTION. BE RE-APPOINTED AS A DIRECTOR OF THE COMPANY
3 THAT MR JOHN BUGGENHAGEN, WHOSE OFFICE TERMINATES AT THE AGM AND WHO BECOMES ELIGIBLE FOR RE-APPOINTMENT PURSUANT TO ARTICLE 20.2 OF THE COMPANY'S ARTICLES OF ASSOCIATION AND OFFERS HIMSELF FOR RE-ELECTION, BE RE-APPOINTED AS A DIRECTOR OF THE COMPANY
4 THAT MR LOUIS CASTRO, WHOSE OFFICE TERMINATES AT THE AGM AND WHO BECOMES ELIGIBLE FOR RE-APPOINTMENT PURSUANT TO ARTICLE 20.2 OF THE COMPANY'S ARTICLES OF ASSOCIATION AND OFFERS HIMSELF FOR RE-ELECTION, BE RE-APPOINTED AS A DIRECTOR OF THE COMPANY
5 THAT BDO LLP BE RE-APPOINTED AS AUDITORS OF THE COMPANY TO HOLD OFFICE UNTIL THE CONCLUSION OF THE NEXT GENERAL MEETING AT WHICH ACCOUNTS ARE LAID BEFORE THE COMPANY AND THAT THEIR REMUNERATION BE DETERMINED BY THE DIRECTORS
6 THAT THE DIRECTORS BE AUTHORISED TO ALLOT SHARES
7 THAT THE DIRECTORS BE AUTHORISED TO ALLOT CERTAIN SECURITIES FREE OF ANY RIGHTS OF PRE-EMPTION