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Jt

Absolutely correct

With Bergen , a virtual basket case desperate for cash , holding the Sword of Democeles over the Ethernity share price coupled with the pending AR and no new business deals , the share is indeed uninvestable at the moment.

However if Levi can bring in a friendly ( Israeli?) White Knight investor to clear Bergen out and no going concern issue plus a positive new contract(s) announcement , then I for one would be a major buyer again.

We await developments.

Oscar

Excellent analysis as usual

I suspect some short term investors were punting on the FDA Lupuzor trial outcome and bailed out when the SP didn't respond on the news.

Major short term catalysts should include deals on the Rest of the World rights for Lupuzor ( excluding US) and Global rights for CIPD or a predatory bid for Immupharma.

The two Tims have options at 5p and 11p and the price paid by Alora for its shareholding was 11p which sets a low benchmark price for a full bid imho.

Even in these markets a Pharma with two late stage potential blockbuster drug therapies based on exhaustive and clear FDA guidance, should have a value close to £30-£50m imho.

Interesting few months ahead

ATB

The daily horror show that is Ethernity continues with another new low sell of 100 ,000 at 2.42p

It looks like Bergen is vindictively enacting revenge on management for years of false promises and dumping at any price...obviously just speculation but nothing from the company on the 2002 AR or any good newsflow is an invitation for sellers to drive the SP into the dust which is precisely what is happening sadly.

Cauldstream

Quite correct in your assessment.

Avion is part of the Alora Pharma Group, a $billion private company with 3 manufacturing and research facilities in Georgia , US and a host of drugs on the market primarily in the US.

If it was to walk away now after FDA guidance and approval of Phase 2/3 trials for Lupuzor and CIPD, it would be mad and leave the door open for a big Pharma to move in and takeover Immupharma with the total global rights to 2 late stage potential blockbuster drug therapies, something big pharma would find highly desirable and potentially cheap.

It is not going to happen but Immupharma is vulnerable to a bid whether from Alora who paid c11p for its shares in Immupharma or some other player.

The games have now started and Uncle Tim will try to do a deal if it is attractive to him and shareholders of which he is one.

Plenty more action to come and if Alora move it will have to be a lot higher than the 11p it previously paid.

Another dump of 160 ,000 shares at new record low of 2.5p

Dreadful stuff

JT

That's cheered me up no end.

The SP was 15.5p on the 15th September 2022 and it has fallen without deviation to 2.5p today.

Normally even in complete dogs you get an occasional bounce but not so in our mutt.

Management has lost all trust of investors now and anger is mounting .

Bergen must be furious too so don't expect any sympathic cooperation from them.

Here we go again..the usual daily drop in the SP which has been going on for 9 months or so without respite.

I cannot remember Ethernity's SP moving up on 2 or more consecutive days perhaps since last September.

Must be the worst performing share on AIM par those who have gone tits up over the past 12 months.

Dispiriting stuff.

Regardless of the muted market reaction so far today this is superb news for Immupharma investors as it gives us a chance to see the SP rise considerably as events continue to unfold and I have no doubt Immupharma is now ripe for a takeover with 2 Phase 2/3 trials starting soon on two promising drug therapies.

The alternative scenario of the FDA declining to endorse the trials would have led to the liquidation of the company.

I expect the SP to climb from here as more newsflow emerges.

ATB

If Bergen is smart ( no evidence to date) then they will let the SP rise on good news and tight liquidity before offloading.

The big problem is the good news !

I have a vague memory of such news from years back in Ethernity.

While I am in a relatively positive mood and reflecting on the investment by PM , Levi and others in the May placing , maybe just maybe the 2022 accounts RNS has been delayed to incorporate some positive news on new business and drive the SP through the warrants price levels of 6p/ 7.5p.

Curb your enthusiasm I hear you say but we are primed for a significant breakout should this happen.

Any positive news would have a huge impact at these depressing SP levels.

We are all due some respite after the relentless misery.

ATB

I have been reflecting on the upcoming AR and the going concern issue.

Given the recent placing in May , 4/5 months after the year end and obviously during the conclusion of the audit I don't think there will be an issue with the going concern as to undertake a placing in a public company which was not a going concern would be fraudulent and may be subject to regulatory/ criminal charges for the Directors involved.

So unless there is fraud which I absolutely DON'T believe , the 2022 FInancial Accounts will be clean albeit showing losses.

I hope this opinion from myself as a Director, past and present , of public and private companies is of some reassurance.

Skid

Zero interest indeed with sellers continue to dump at all time SP lows with over 500, 000 sells today and no buys.

Assuming there is no going concern issue, the selling appears irrational as the stock markets have moved out of bear market territory , inflation falling and interest rates close to peaking.

The microcaps were the first stocks to crash last year particularly in the tech sector and are always the last to bounce but there are now signs of recovery.

When they do rebound the SP jumps can be spectacular.

If there are no further unexploded land mines in Ethernity and it can give the market some good news and get rid of Bergen, the SP can rerate significantly.

The sectors that Ethernity are in are currently on fire and investors interest in related companies is increasing .

The big question is whether Ethernity can benefit in these favourable scenarios or is it too late.

If they can it will be the comeback for the ages.

The coming weeks will reveal a lot imho.

ATB

There are over 30 billionaires in Israel

Surely given the tight knit Israeli business community, Levi can persuade one of them to invest and get Bergen out.

Or has Ethernity no friends even in Israel?

Petty cash to help a fellow Israeli company to achieve its potential rather than a tiny Florida based investment company whose investing record is the worst I have ever seen...allegedly with 11 executives which I doubt, with a UK "office" over a chipper .

If Bergen was a last resort for Ethernity begging money off them, it raises serious questions about the professional acumen of management and the lack of support from the wider Isaeli business/investment community.

Bergen obviously stuck for cash continue to trash the share price.

By my reckoning Bergen has sold c 10m shares since April 2022 all into an illiquid and declining market for Ethernity shares with practically no buyers.

No wonder we are where we are.

Bergen has been a disaster for Ethernity and we need to get them preferably from a new investor or some other routes.

The SP cannot move higher until Bergen is gone.

Reading the recent RNS, the company is now targeting licence fees for its PON fibre controller system on chips ( SOC) and sales of its PON OLT systems " in various configurations".

This is slightly encouraging as the sales of licences and other configurations will mean cash up front .

How much they can achieve in this respect I don't know but it is the correct strategy imho .

As for potential buyers of the company , Ethernity's near neighbour in Tel Aviv, Silicom inc may be interested as may Aviat Networks both companies are quoted on Nasdaq.

The tax losses forward of c £10m ( 33% of accumulated losses) , patents , IP , specialised team of tech engineers and existing contracts have value in excess of the current market cap inho.

However no one is biting as yet .

Things may look brighter once the the final accounts for 2022 are released and the going concern issue is resolved but Ethernity is going to the wire with the deadline date of the 30th June fast approaching.

ATB

Regarding comments made on ADVFN, I advise that Bergen Asset Management the Florida based "investment "boutique whose clap out investments include Ethernity is NOT connected to Bergen Finance , a company set up by the large Apollo Global Group to provide loans to the mid sized real estate sector in the UK.

Secondly Bergen Asset Management were not involved in providing a £10m funding arrangement to Tintra .

Bergens last investment was to Titanium Sands in Australia in May 2022.

Please read Bergen Asset Management website and weep.

As for Ethernity there are ominous signs developing and we need to see the AR asap.

Not looking good

The more I look at Bergen ,the more I wonder does it even exist anymore.

Its only claim of success on its almost defunct website is it's strategic investment in Ethernity in September 2020 for £3.2m and how the Ethernity market cap subsequently moved from £7M to £30m.

It appears to be a bizarre operation with massive failures and I wonder does it operate out of a small office over a pizza shop.

Awful stuff.

JT

If the SP drops any further then Bergen a near bankrupt US bucket shop investment boutique with 14 investments , all down on average 90% and who haven't made an investment in any company for 12 months will effectively own the majority ( or more) of Ethernity.

Bergen have few options left and obviously don't want to own an Israeli company worth about the value of a small pub/ restaurant in Tel Aviv so they are stuck and probably would be delighted to get out at 5p or so.

Bergen keep selling to keep its own lights on but for how long?

The worst AIM company in the past 20 years and we are all trapped here

I have no recriminations but I blame myself and only myself for greed and stupidity.

But we move on and keep smiling.

JT

Looks like the sells late on suggest , like marriage, more people want to get out rather than stay in!!

The two existential issues at the moment are the going concern issue and the China ( sorry Asian) contract.

If Ethernity has screwed up on one or both of these then we are fecked.

Needs big news of a positive variety ( I remember this from years back) very soon because at the moment the market says we are toast.

If this management team was working for a large public company they would have been fired 2 years ago.

Looks bleak for us all here

Some big sells going through now..hopefully not on the basis of a negative news leak.

Surely Alora/ Avion haven't screwed up the FDA meeting as that would the death knell for Immupharma.

Nervous times...again!