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The Annual Reports & Accounts Yr 31.12.23 now published but showing they do not have a 12 month cash runway hence a 28.5% reduction in the SP.All very depressing as they are totally reliant on Duggan digging deep but at 79 how many more years will he want to continue to invest.The following is the note re cash runway:
'Updated Cash Guidance
With the extension of the $100.0 million note, we updated our cash guidance such that we now have sufficient cash to operate into the first quarter of 2025. Our prior cash guidance was to have sufficient funds going into September 2024.'
It is difficult as to what to do but the SP has not been able to go above $5 my son is still invested but Holding.
Extract from Seeking Alpha
'Shares of Summit Therapeutics (NASDAQ:SMMT) plunged 28% in afternoon trading Tuesday after the company released its Q4 earnings report, filed a mixed shelf registration, and disclosed it had extended its cash runway.
Earlier Tuesday, Summit reported a narrowed Q4 adjusted loss of $0.04 per share with no revenue.
The company added that the maturity date for a $100M note from its chairman and CEO, Robert Duggan, had been extended from Sept. 6 to April 1, 2025, thereby extending its cash runway from September 2024 into Q1 2025.
Summit also filed a mixed shelf registration for the potential sale of up to $450M of its securities.'
Hi Kaeren - Your post is spot on & for me I am just waiting for the finance deal news which I am expecting by the end of Qtr 1 2024.After the news all else will follow & we can then look forward to 2025 & of course the IM JR in the next month or two.Regards CM.
PS I am now showing Hold due to the continuing drop in SP.
Hi All - I have just read the Edison report & I am amazed at the current SP.I believe that there are not many Biotechs with Sareum's potential at the current SP.My small investment is for future years when I hope that it will turn out to be a multi bagger.However for some the current SP is hurting a lot & I really feel for them & it happened for me with Summit but finally got out with a break even position.
Hi wyndrum - Thanks for your post but we are all frustrated however H&W has too much now & planned for the future to fail. I believe in JW & his team to deliver for us all.As for time I am expecting news in March. Regards CM
Hi RichardMcV - Thanks for the link - below is the accompanying message:
Harland & Wolff@HarlandWolffplc
'Across the Irish Sea they go…
Specialist parts manufactured in our Arnish yard are on their way to its sister yard in Belfast for use as part of the refit of the FPSO SeaRose, which arrived at our historic dry dock this weekend.
These test pieces were delivered to a very tight deadline, with the team at Arnish, on the Isle of Lewis in North West Scotland, working 24 hours a day to complete these buoy seal test plates to schedule.
Harland & Wolff’s multi-site business model allows it to drive capacity and capability to serve client requirements where it is needed.
The yard at Arnish currently has a 150-strong workforce and a thriving apprenticeship programme.
You can find out more about Arnish and the highly skilled work it delivers here:
http://harland-wolff.com/facilities/arnish/
Hi All - As I post I see yet another drop in the SP it seems that every time we have positive news flow although not supported by an RNS the SP drops.Posts yesterday suggested not long now for that finance deal or at least its looking we are almost there.Is the H&W situation just reflecting the lowly position on AIM as we wait for the next 'budget' announcement from Chancellor.Those in the know or often trade might have a view.I am still remaining positive but is questionable that I show 'Strong Buy' always followed by a further drop in the SP.
Hi dawski37 - Great post this afternoon & sums up the situation very well.Thanks.
I now have a small investment in SAR & too late to sell out as I am 42% down.I am afraid the SP is following the same pattern as with HARL who also had funds from the same company as SAR have recently it feels like the kiss of death again.
Hi All - I think the criteria for an RNS maybe circa £5m & it was said by JW at either the last AGM or an earlier investors meeting that they are precluded by sending out an RNS for everything as it needs to be significant.I also believe they will only issue a trading update once the finance deal is completed.I am hoping for a proper update by the end of February or early March.
Looking at the 'news' flows that we have seen through various sources things seem to be on the up that will do for me.
With regards this weeks JR in the Court of Appeal I do not find it possible to give an opinion without going into great detail.Suffice to say after the 4 days last year I headed up my comments with the words 'Bingo' all I can say this time is that it was not a 'slam dunk'.
Hi All - The case closed at 4.00 & the three judges will now consider what has been put before them & then make a decision.Based on how the lead Judge put it I would expect 1 to 2 months.The article comment was misleading what they meant is that it now continues to the next stage which will be a court hearing at which the Judges will go through point by point either supporting the appeal or squashing it.
As yet I have not formed an opinion as to which way it will be called but what is clear because of the various arguments put forward the decision will one way or the other is going to ground breaking in legal terms.
Hi AimMaster2018 - No.
Hi LSE03 - Great news.
Stokey12 - Totally agree with your comments & not worth worrying about.
AimMaster2018 - 10.30.
SEAROSE FPSO Offshore Support Vessel - due in BELFAST DRYDOCK
ETA: Feb 06, 12:00 (in 4 hours)
http://www.vesselfinder.com/?imo=9274501
Edit: Fingers crossed.
full link:
http://www.telegraph.co.uk/business/2024/02/04/wasteful-britain-buy-new-****nal-war-russia/
'but the lesson of tyneside has not been learned. another yard that has not built a ship for decades, harland & wolff in belfast, is currently being reanimated with £1.6bn of defence money. maybe one day the royal fleet auxiliary will get the promised new fleet of solid support ships.
that would be nice as it only has one such vessel at the moment, rfa fort victoria – often, as now, broken down and without a crew – and a naval task force without a solid support ship is a sorry thing. but even harland & wolff don’t think they’ll have the job done until well into the 2030s, long after the coming crisis with russia.
if the swan hunter project is any guide it will cost double, take much longer, and still not deliver usable ships in the end.
there are many other examples showing the folly of paying british industry to build things it does not know how to build. it is a longstanding problem which is now becoming very urgent.
we must shift to buying existing products off the shelf, very often from overseas makers. creating civilian jobs, subsidising industries and bribing devolved regions should not be ministry of defence priorities: there are other budgets and departments for those things.'
http://www.telegraph.co.uk/business/2024/02/04/wasteful-britain-buy-new-****nal-war-russia/
edit: no harm done by this article not worth the 'paper' it was written on.
I interpret the details as showing it starts Tuesday which we understand is for two days & no need to show the Wednesday date.
Hi Bubbly2021 - Fine thanks will be following using the link supplied by the Court of Appeal's office which I am not allowed to pass on as previously mentioned.
Hi All - When listening to the results in August as the Judge ruled one by one against those that the had brought the case the SP gradually rose & I was able to Sell at 17.51p (Forward Sell) & 18.46 spot Sell.I needed funds to pay for final payments on my extension.Following the 31st August decision the SP slowly dropped.It was the anticipation up to the 31st August that drove the SP & the decisions on the day.Next Tuesday & Wednesday is a hearing in the Court of Appeal & an unlikely decision on the second day unless it is clear cut as detailed in my earlier post.There maybe some reporting that could suggest it is in our favour.With regards judgement unlikely by 31st March so we are talking early Qtr 2 by which time I hope we will have had a positive RNS re the finance deal.Still all to play for.