Member Info for dallo

JSB

US Witholding Tax is normally charged on income such as dividends , interest, et al paid by US companies to investors and can be reclaimed if there is a Double Taxation Treaty between the US and the recipients country and where double tax has been levied

Share buybacks via Tender are not treated as income in most countries and only the capital gain , where applicable, is subject to tax.

This 15% US Tax cannot be reclaimed imho as the Tender payment will not be taxed in the UK as income so no double tax reclaim possible.

So you could be hit with the 15% Witholding Tax plus a UK Capital Gains Tax bill .

Not funny

Bear

The Tender premium no longer exists and is now in fact a below par offer based on today's SP and the US Witholding Tax of 15%.

Tender dead in the water now imho and we are better off holding our shares and receiving a special dividend albeit taxed by 15%.

I pleaded with management to increase the Tender Offer to £3 but even at that price it doesn't look attractive with the 15% tax.

ATB

Excellent research by Bear..well done.

That may explain why the current SP is below the tender price but higher than the ex US tax amount of the £2.50 less 15% =£2.125 .

With the US tax issue you would be much better off by selling at £2.28 today rather than tendering.

Bizarre scenario for Puretech investors for what was heralded as a boon by management is shown to be a liability based on today's SP.

Who in their right mind would tender now at £2.50 .

I am holding tight

Moneymule

Agree with you but AS Watson has thousands of products but never underestimate the Black Swan of competition arriving in this market.

I hope Incanthera does great but a lot depends on consistent quality manufacturing and delivery to the marketplace..

That will depend on Incanthera's outsourced manufacturing facilities and distribution.

Hope you do well

Wigwammer

I agree with your assessment of Incanthera with a market cap of £30m , 3 times that of Immupharma.

However nothing is certain when it comes to cosmetic products where marketing costs represent 90% of the total overheads .

Incanthera will do well but to say it will be a £100m company without massive advertising spend is probably a bridge too far

A takeover by a big player is the most likely outcome as Incanthera has little cash and no management structure not to mention production facilities.

A buyout at 50p would be Mc Carthy's dream.

Wise to sell now by Immupharma and let the warrants ride imho

Needed the Incanthera cash, I should say

Yes Immupharma probably needed the Incanthera and given the share is quoted on the OTC market , Immupharma had to accept a substantial discount.

The good news is that the warrants are now over £1m in the money at todays Incanthera SP.

Nothing to cheer about in today's Final Accounts RNS but hopefully some good newsflow soon.

ATB

Nolupus

Remember every investment should be viewed in the present so a year or two ago Incanthera was a basket case with just a suncream product Sol in development.

Mc Carthy should never have invested funds from Immupharma in the company but he did.

Now when Immupharma needs funds the Incanthera investment has come good....better than writing the whole investment off and being stuck for cash .

Look on the positive side.

With the warrants in the money there is no realised loss on Immupharma's investment in Incanthera.

Cauldstream

I think the decision to sell its Incanthera shares was a trade off by Immupharma insofar as potential commercial partners wished to see a stronger balance sheet and no further recourse to Lanstead before any commitments made Imho.

I think the objective is to reduce Lanstead's shareholding post warrants to an insubstantial or zero amount to allow for longterm partner shareholders to take stakes again in my opinion.

I have a feeling we will get further news this week following the non dilutive injection of £1.5m from the share sale.

There was a reason for the quick sale of Incanthera shares which I hope was for very good operational objectives.

I expect some imminent newsflow but I could be wrong and maybe Immupharma needed the cash badly.

Fingers crossed

ATB

Lisa Baderoon replied to me today saying she had a bad bug and was working on the Incanthera share sale.

She also confirmed she is in a closed reporting period but once the 2023 accounts are announced she will available as usual.

She sounds in great spirits for what it is worth.

A big relief .

Nolupus

I agree.

On further reading of the small print , the company has wrapped in the Alora warrants into the clause stipulating the earlier of the 3 conditions namely 4p share price, 1 year First Admission anniversary or a takeover.

Apologies as I didn't see the Alora warrants being brought under the conditions of exercise.

So no warrants exercise until the EARLIER of the three conditions arises.

Cheers

Nolupus

Because per the September 2023 placing agreement, Lanstead contributed £1.2m of the £1.5m raised and the warrants clause in relation to the First Admission anniversary of 1 year in effect applies to Lanstead mainly although the £300,000 placees have the same clause .

Regarding no response from Lisa ,I am somewhat bemused and will try again to contact her today.

Nolupus

I agree with your comments and have written to Lisa about the lack of updates on the key issues of concern to investors and unusually she has not responded perhaps due to the closed period prior to release of the 2023 Annual Accounts or at least I hope that is the reason.

As usual Immupharma keeps us all in the dark for long periods which I find disquieting.

Mc Carthy needs to get his finger out and soon.

Nolupus

The conditions of the warrants means that Alora will not be exercising anytime soon...the only condition applicable to Alora relates to the 4p exercise trigger while the 1 year anniversary of the Full Admission ie September 2024 applies to Lanstead warrants. The takeover clause is another issue entirely.

While Alora didn't participate in the 2p Placing, the exercise of the warrants , should the Immupharma share price exceed 4p, is an entirely different decision.

Nolupus

And your point being ????

I am fully aware of the warrants and the conditions attached including the 4p exercise trigger which hopefully will be breached with some good newsflow.

I was making the point that Alora Pharma exercising its warrants would be a major boost for the SP.

If Alora Pharma exercise its 22m warrants at 2p giving it a holding of 7.5% it would rocket the SP

The 2023 final accounts are due shortly plus the AGM date so plenty of action to come particularly if allied with Lupuzor trial news plus commercial deals.

Hopefully Immupharma is on the right track at last but we have to be cautious based on past experience.

ATB

GoldGirl

Spot on..£1.5m from Incanthera share sale plus potentially the same again from the warrants plus £2m from the exercise of Immupharma's 2p warrants giving us potentially c£5m cash inflows this year.

Now for some really positive newsflow from Immupharma to set the SP on fire and get rid of Lanstead for good.

ATB

Lord

The Immupharma warrants at 2p are now firmly in play which could raise another £2m if exercised.

The clown Moneymule knows sweet damn all about the stock market if he thinks Immupharma will not be able to exercise its warrants in Incanthera.

There are at least 3 ways Immupharma can exercise the warrants even if there is no cash ( unlikely)...including forward selling part of the holding in Incanthera near the exercise date date, short term financing secured on the warrants or Immupharma issue shares to take up warrants in Incanthera particularly if the SP of Incanthera is at attractive levels.

Deliberate scare mongering yet again and of course Nolupus has to throw his two and six in again to try and depress shareholders when we are having a relatively good day.

And he doesn't own one single share..bizarre!

Yes

But cash more important now to Immupharma than awaiting the development of Incanthera's Sol product.

Still have warrants.

Now Tim give us news on Immupharma!!