Member Info for colbaltblue

Ok, thanks.

It looks as if the next few weeks will be very interesting!

Forkie, do you have any thoughts on why the BOD have taken the risk of the CLN's & Warrants not being voted through? I've posted a few times about this but got no response! Perhaps everybody is running/watching the LM!

I meant to say....

"Bearing in mind that the decision to enter into a deal would have been made by the BOD aided by their financial advisors, is it believable that such an arrangement where nearly 50% of the new money is accounted for by fees, was drawn up without the benefit of some sort of backup?"

I said this last night.........

"So, if the Shareholders vote against the CLN's & warrants, the Company will have paid £420k in fees (at least) to raise £1m. There is also the additional risk of the SP declining after the proposal being voted down which might result in even more money being paid in fees".

Bearing in mind that the decision to enter into a deal would have been made by the BOD aided by their financial advisors, is it believable that such an arrangement where nearly 50% of the new money is accounted for by fees?

This Company burns cash freely so £1m isn't going to last very long.

The gamble is: if the Shareholders vote down the CLN's & Warrants, the Company is going to have to pass the bowl around possibly this year and they will have a weak hand.If the deal gets voted through, then we Shareholders are shafted for years as the "investor" feeds endless shares into each rise.

Hopefully, something else is going on which might save the day.

Forkie, the Company don't have to swallow the 22 tranches.They can suspend the automatic disbursement of the tranches but will have to drawdown a maximum of 8 tranches on demand of the investor.

They won't be getting a yes from me unless they can give me a good reason.I'm assuming a proxy will be arranged.

Could any of the more knowledgeable posters confirm that I've interpreted the terms correctly?

Thanks.

The Company will also have to pay £150k ( plus a possible additional amount if the SP declines in the prior period) as a "break fee" if the CLN's & warrant s are not voted through.

This means that the net proceeds will be Ca £850k from the tranches less the break fee. The "structuring fee" of £278k also covers the convertible funds arrangements (payable even if not voted through!)

So, if the Shareholders vote against the CLN's & warrants, the Company will have paid £420k in fees (at least) to raise £1m. There is also the additional risk of the SP declining after the proposal being voted down which might result in even more money being paid in fees.

Would Val have got a better deal from WONGA?

So, the BOD must be praying that the CLN's & Warrants be waved through.Or, for the first time ever, have they got a massive sweetener to get the deal through or obviate it altogether?

And be handsomely rewarded for presiding over it!

Val, a quick look back shows that this Company is a big burner of cash. How long do you think this latest deal will finance the Company for? Hopefully, 401 will provide income if a licence is obtained by Valiseek and its partners.

On a positive note, I don't anticipate any "Equity raising" 7 am RNS's for a while!

Aren't the finals due?

I have now had chance to read the RNS and the firt thing that strikes me is the very large potential amount of money available to the Company. Please forgive me if I've interpreted any of this wrongly.

£1 million net is available in three tranches up to 14 June. An amount of £150k (the Break Fee) is payable if "definitive documentation" is not signed by 21 June. What is "definitive documentation"?

Convertible funds of up to £6m is available with an initial payment of £500k and a proviso that Val must allow 8 drawdowns of £250k if the Investor requests them. There are conditions referring to any decline in the SP prior to the issuance.

Warrants will be available up to 25% of £6m (£1.25m) Further shares may be bought based on a percentage of the value of each tranche of convertible funds.

My thoughts centre around a huge number of shares issued/to be issued and the fact that the "Investor" has taken full control of the Company. In addition, I am amazed why the Company has deemed it necessary to raise so much money on such onerous terms.It seems pretty obvious that there was little on the horizon to avoid having to borrow so much. On the positive side, the Company is adequately funded for several years.

The question is simply: is there anything here for the PI? I'm fairly recent with a average of 4.58p but I know there are LTH with massive averages from years back.I do also wonder if there isn't an element of vindictiveness in this deal which has more or less put the PI's in a hopeless position.

Two bad decisions made by the Fishermans friend. Out of the frying pan (which is now doing very nicely....thanks for the tip Cap'n) into the fire.

I bet you wish you'd stayed in RENE Fred!

Update not due. The research project is due to start first half of 2019. I have no doubt that it will be delayed or something else will happen. This is Provexis and nothing ever goes to plan.

Lots of unsubstantiated assumptions going on there. Perhaps this is just a simple P & D!

is very much welcome but we are at historic lows. It always pays to remember that this is a Company which never fails to disappoint. I should know, I've grown old holding these shares!

?? Expect more clichés.

When you're a "lifer" like me you are entitled to be cynical. This Company has been a disaster for the last 5 years or so. The fact is, funds will be needed as reported by the Company.

Don't get too excited. Funds will need to be raised at some point.is this an engineered rise to get it away?

I prefer to call it a poor performance.The SP rose to 13p on 8 Feb then declined to 11p on 8 March.Now it's at 11.625p. Big deal.

Another AIM Company with rubbish PR.