Member Info for CJ39

I find it impossible to predict the share price here. Last year this reached 130p a share despite the same issues as now at half the price. It really is so hard to value this share. Evoke have debt of £1,718,000,000 and the interest on this debt is crippling them. Between the end of year results for 2022 and 2023, their net financial position worsened by £24m. They are in a lot of financial trouble. For me it’s one just to watch, if they can turn things around and start making profits it is one I’ll want to invest in.

It’s crazy to think 888 paid an eye watering £1.95 billion for William Hill (minus its American side of the business) and yet 888’s current market cap is just £314m. What a terrible terrible piece of business. Caesers didn’t even want this part of the business, they would have let it go for a fraction of this price. And now Evoke are saddled with enormous debt of £1.72bn.

Evoke are recording huge losses because of this debt. It is hard to have any confidence in the board when they made such a ridiculous decision to buy William hill.

It’s an interesting one, as the market cap is a fraction of Entain and Flutter, you would think it could be a takeover target for either of them at these prices.

But one big problem for me is how gambling companies are so badly treat by the governments of UK and America. The nanny state seems to think gambling companies must go to extreme lengths to protect punters and we are seeing in America that some States are forcing gambling companies to pay enormous taxes.

I really don’t know about this share, the net debt and losses are a big problem but the market cap is incredibly low for such a big company. If 888 can find a way to get profitable and start reducing the debt then this has a lot of potential.

How did you know this? I am involved in theatre productions yes. Although I work in set design and work backstage.

As you stated yourself DSFlat: These forthcoming findings are crucial for deeper investigations of SFX-01 molecular mechanisms.

Never ending deeper investigation and clinical trials, how long will this take and who will pay for it? You could scroll back five years on these messageboards and it was the same discussions. Promising data requiring further analysis. TCF needs money, lots of it and quickly and it’s not going to happen.

We seem to think polar opposites of each other proinvestor. Yesterday you said my train of thought is highly nonsensical but I think the same of your beliefs and positivity in this share.

The fact is Stalicla have not made any further milestone payments since the initial $500k. TCF initially expected $5.5m last year and then changed that guidance to expected this year. TCF issued a dispute notice over 20 weeks ago to the non payment of $500k when they completed phase 1b but we’ve had no resolution or even updates. TCF have removed their guidance that they expect up to $5.5m in milestone payments from Stalicla completely. Stalicla removed on their website that phase 2 will go live in 2024 and now they have removed STP2 (SFX-01) from their arrow chart. And yet you think my thoughts are nonsensical?

You have always been incredibly positive about this share and highly critical of anyone who had concerns on this share. It still feels like you believe you’ve made a really good investment decision buying in here despite sitting on a significant paper loss.

For what it’s worth I think you’ve been unlucky. I bought in here twice believing the Stalicla deal will come good but the penny has to drop at some point that things have gone horribly wrong.

You said I was talking nonsense last year when I said there would be a share placing in the Spring. There was a share placing in the Spring. Now you say I’m talking nonsense for saying that with no sources of income at present we’ll see another share placing early in 2025. You will say that’s nonsense too but time will tell.

Of course, if a RNS comes out and TCF announce Stalicla have paid $500k and this will go into phase 2 imminently and another $5m payment will be received then this will rise sharply but on all the evidence it looks highly unlikely such an RNS is going to come.

Just had a look at the Stalicla website. On their pipeline it used to show STP2 (SFX-01) with an arrow showing stage 1 completed. Tonight they have removed STP2 on this arrow chart, now only showing STP1 and STP7.

STP2 does still have a sentence further below which remains as it was.

What do people make of this removal of STP2 from the arrow chart? Is this a sign that it’s over?

Who would have thought 20 weeks after EVG/TCF issued the dispute notice to Stalicla that we would have no news, no resolution and no progress on the situation. The only thing we have had is one line in the annual results that they continue to have constructive talks with Stalicla.

I think it’s pretty safe to say now that the Stalicla deal is going to collapse, there is no way Stalicla are committed to this deal and will make any further payments to TCF. It does not appear that Stalicla have the financial resources to pay TCF anything close to $160m in milestone payments. They seemed to have a big struggle raising just $17m earlier in the year to help fund their work.

Both TCF and Stalicla have removed all narrative that this will go live in 2024 and TCF have removed guidance that up to $5.5m will be received this year.

Anyone invested here hoping that the Stalicla money will bankroll the company, it’s clearly not going to happen. This share is done. Sadly it seems SFX-01 is done. There is no news any more about SFX-01. No pharmas have shown any interest in trialing it and TCF cannot afford to do any trials on it themselves. After all these years TCF has shelved SFX-01 and now concentrating on their new company. There are no sources of income. This is clearly a lifestyle business, it’s never going to achieve anything, it is just providing a salary to a handful of staff but will ultimately collapse.

And finally I read some posters saying this is funded into 2026, I don’t see how. In the final results it said TCF have £2m in the bank at end of March plus they raised £1m in the share placing. It seems to me that they will effectively have had £3m in reserves at end of March. They’ll be lucky to last 12 months on that. Any further share placings will make this impossible for shareholders to ever get any money back but where else will they get funding from?

4 million shares? Blimey do you not have sleepless nights about your investment? I did agree with your thoughts here after the Stalicla deal was announced, thought this looked a great opportunity but I don’t think that now. I hope you can recover your money at least, it’s possible if only the Stalicla deal delivers.

I don’t think I’ve ever done well on any AIM shares, they all seem very dubious companies to me.

I don’t have any money in any shares at present, I dip in and out of Aviva to get the impressive dividends and buy/sell Flutter when the prices look right. I feel I missed out big time after the Covid crash, I spent all my savings just months earlier on a new car, new kitchen and bathroom. Had I pumped that money into shares like William Hill who I was invested in, I could have easily increased my money fivefold.

Really bad news that Illinois advanced a bill to tax gambling companies up to 40% on their gross revenues yesterday.

Gambling companies are punished time after time just because of the nature of their business and right now with Britain and America being run as a nanny state and the State looking to tax absolutely everything they can you have to wonder will more States follow suit?

Let’s hope someone has asked the question for the board to answer this afternoon. If they don’t answer it today it could be a long time before any further updates.

I agree with you investor, I hadn’t factored in the share placing money raised, I think they have enough money to make it to 31/03/2025 but only just.

They really should update shareholders on what is going on with Stalicla now. It’s almost 4 months, do the shareholders or prospective investors not deserve to know?

Ok, fair point. They do appear to be funded for the rest of this year at least.

Investor - I thought the money raised in the share placing paid for the acquisition? They did have to pay money for the acquisition?

The thought is that they acquired this new company because they ran out of work with SFX-01. TCF do not have the money to do any of their own trials and they’ve been unable to get anyone to take SFX-01 on to trial it themselves. Where is the money going to come from to bankroll this company in a few months time. Such a poor update on the Stalicla situation, no mention at all now of $5.5m to be received this year.

The highlights and outlook read really bad. Just a one line update on the Stalicla situation, they have totally removed the guidance of $5.5m expected in the next 12 months. No signs of any money incoming. Only £2m cash reserves as at end of March with a £250k a month cash burn. By those figures money will run out in November. No new updates on anything.

I think it’s game over here.

Just been looking over the share price history of EVG/TCF. On 28/05/2019, 5 years ago tomorrow the share price was 19.75p a share. If you bought £10,000 of shares 5 years ago your shares would now be worth £379. Brutal.

Although I sold out on Friday I am very interested to read tomorrow’s results, we will finally get an update on the Stalicla situation, almost 4 months since the dispute was issued. We will get to see what the current cash reserves look like and read about the outlook. I find it hard to believe that the results can be positive after the disastrous last twelve months. One year ago the share price was 3.95p, today it’s 0.75p, who really believed that would happen? I got told I was talking nonsense last summer for saying there would be a share placing at 1p in the Spring unless Stalicla money arrives, it happened.

If you had bought £10k worth of shares a year ago they are worth just £1900 right now, a horrendous drop in value.

I really think tomorrow’s results are the most significant in EVG/TCF’s history, money has simply got to start streaming in to bankroll the company, there can be no further share placings at these levels otherwise the shares will be diluted so much that it will be impossible for existing shareholders to ever get their money back.

Davey, if TCF announced Stalicla have paid the $500k that they disputed and they anticipate the $5m in the coming months that would send the share price rising by probably up to 200%, which was why I bought in again. But it’s not looking very likely. It’s unclear how much cash reserves TCF. They issued that share placing recently but by my calculations it was used to acquire this new company. It’s a gamble but it could pay very well if the news is encouraging.

I’ve sold out, that’s my trade at 08:27. Another loss made on this share.

I didn’t have a lot invested here. I lost £3300 when I sold out at 2.55p in the back end of last year. I bought approx 200,000 shares at about 0.85p in February. I know it’s not much but I don’t want to lose it, I’m here to make money, I would like to just experiment with this money now to see if I can make it grow with short term trading on shares which release good RNS’s each day.

I bought in after the dispute notice was issued, confident that there was an oversight or some small detail which EVG overlooked to meet the requirements of the milestone payment, after all EVG had stated they expected up to $5.5m this year in milestone payments and Stalicla stated on their website that this would go into phase 2 this year.

However clearly it’s not some small oversight, 15 weeks have passed without any update or news. As DSFlat pointed out, there are no updates on the data analysis by Stalicla and even Stalicla removed from their website that this would go into phase 2 this year. Doesn’t that say it all?

Everything has been so quiet on SFX-01, so little news in the last year. TCF cannot afford to do clinical trials on their main asset and no one is signing deals to trial it for their potential own gain. Everything seems to have dried up, with not a penny of income in the last 12 months.

The acquisition of the new company even feels like they ran out of work with SFX-01 and they have had to shelve their plans.

I sold my holding but it had to go to a negotiated order, again not a good sign when you can’t get prices to sell as they did give a price to buy.

Today is the last trading day before full results, uninspiring results could see this drop further, but positive encouraging results could see this rise. But can it really be positive given the year they’ve had?

It has been a rotten year, the share price is a disaster. We thought 2p was low, now we would need to see a rise of 300% just to get there. In one of the QnA’s last year they talked about wanting to get shareholder value, well they are not doing a very good job on it.

What a disappointment this share has proved to be.

Mcco, it has been nothing short of a disaster in the last 18 months here. After they announced the Stalicla deal in Oct 2022 which was worth $163m in milestone payments plus royalties, they had £10m in the bank, $6m to be received from Stalicla in 2023, Juvenesense deal was soon to go commercial, loads of things happening with SFX-01 trials, hopes of signing new deals, you can see why so many people bought in. But since then the following has happened: only $500k received from Stalicla, the $5.5m to be received in 2023 has still yet to be received, EVG/TCF issued a dispute notice 15 weeks ago to say that they believe they are owed $500k but we have heard absolutely nothing. Juvenesense deal ended before it went commercial, no real explanation given why Juve pulled the plug. The £10m has basically run out and a share placing was issued diluting the shares. No new deals signed for SFX-01. Hardly any news on SFX-01 trails. Are we close to SFX-01 going to go commercial? No, it’s a million miles off. Not sure of the current cash position but annual results are due out next week. I think we are all pleased for that as TCF never keep shareholders updated.

The only hope we have is that Stalicla have not pulled the plug, if they pay the $5.5m it will help but how long before any further money comes in? It’s not good here but its not over just yet, a stream of positive news could see this share price get back into the 2-3p range.