It seems to be widely accepted that the NFX chairman has been in China over the past week having discussions with our Chinese partners. If this is the case then I believe it is incumbent on NFX to release an RNS early next week giving some details of what came out of those meetings and what the latest position is. A listed company must issue without delay developments which may lead to a substantial price movement or avoid the creation of a false market. In the recent news vacuum regarding the awaited milestone payments from China, widely ranging views from, NFX won't be paid by their Chinese partners and their patents have been stolen , to their Chinese partners want to extend the partnership and invest in NXP002 have been touted. The truth probably lies somewhere in between - but no-one (outwith NFX) knows for sure. After the meetings this week NFX must surely now have enough information to share with the market. They obviously must know why the payments have been delayed and should by now be able to give this reasons and what the outcome will be, likely to be or what the next steps are. Positive news regarding the milestone payments may likely cause the SP to go substantially higher, negative news may cause the SP to go substantially lower. I believe there is a holiday in China all next week so further discussions then may be unlikely. Thus IMO , NFX should release what news they have on the subject now or they risk the creation of a false market.
'"Plan to drive material increases in shareholder value in the next 3-5 years."
Don't believe it's at all damaging to say the above , it doesn't mean they're going to wait for 3 years before planning to create material value, they're starting now and plan to have created a material increase in shareholder value by 3-5 years , not from 3-5 years.
Among the smaller stocks, Mereo Biopharma, a pharmaceuticals company that focuses on developing treatments for patients with rare diseases, rose by more than 7 per cent after Cantor Fitzgerald issued a “buy” rating on the stock and a target price of 720p, citing the value-adding potential of its respiratory therapies. The shares closed up 3p, or 7.1 per cent, at 45½p.
Need to correct that "Shareholders were promised NXP001 payments by end June"
That's simply not true.
In the RNS of 30th May it said "with remaining milestone payments expected during June 2019)"
Expected and promised are completely different things.
IMO it was unwise to use the word 'expected' in an RNS as in time this gets put to one side and becomes a 'promised' date.
Hopefully NFX will learn from this and be more careful in their wording of RNSes in the future.
Better to under promise and over deliver or in fact better not to promise at all.
Worth noting that the first NXP001 milestone payment was triggered and RNSed on 14th Sept 2018. The receipt of this milestone payment was RNSed on Nov 27th 2018. A time lapse between triggering and payment of c 2.5 months.
Because there was no 'expected' date of the receipt of that payment mentioned , there was no rumblings about the lateness of the payment!
Peter Long’s struggle to save Countrywide The travel trade veteran faces an uphill task to rescue our biggest estate agency chain
Numis analyst Chris Millington believes Long’s changes will fail to halt the decline, which in turn will force Countrywide to renegotiate with lenders, launch another cash call or sell some of its brands — or face breaching banking covenants by the end of next year.
“It feels like intensive care,” Millington said. “Regardless of who is at the helm, it feels like the rot has set in.”