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Fridays volume as no trades today
Buy the company at the price it is - Sell everything, close it down and have £4m left lol
I would imagine if they were thinking of a plc listing this would be a cheap company to buy for £200k market cap, with £6m of carried forward tax, meaning a saving of around £1.4m in tax gains, no brainer to me.
Conduit Pharmaceuticals and Murphy Canyon Acquisition Corp. Announce Completion of Business Combination
Published
Sep 22, 2023 9:01am EDT
SAN DIEGO, Sept. 22, 2023 (GLOBE NEWSWIRE) -- Conduit Pharmaceuticals Limited (“Conduit Pharmaceuticals”), a multi-asset clinical-stage disease-agnostic life science company providing an efficient model for compound development, and Murphy Canyon Acquisition Corp., a special purpose acquisition company (Nasdaq: MURF) (“MURF”), announced today the completion of the previously announced business combination (the “Transaction”).
Conduit expects to commence trading on September 25, 2023, under ticker symbol “CDT” for its common stock on The Nasdaq Global Market and ticker symbol “CDTTW” for its warrants on The Nasdaq Capital Market.
At the debut of trading, there will be a pro forma enterprise value of approximately $720 million. Existing Conduit Pharmaceuticals shareholders will own approximately 90% of the combined company’s common stock issued and outstanding as of the closing.
Immediately prior to completion of the Transaction, MURF closed the previously announced investment by a single institutional investor, which purchased $20.0 million of MURF’s units at a price of $10.00 per unit in a private placement. Each unit consisted of one share of common stock and one warrant to purchase one share of common stock (the “Offering”). The warrants have an exercise price of $11.50, are exercisable after 30 days after the completion of the business combination and expire five years after the completion of the Transaction. Together, the Transaction and the Offering, provide Conduit with approximately $20 million, after giving effect to Murphy Canyon stockholder redemptions and before payment of Transaction and Offering expenses.
The Transaction was completed on September 22, 2023
In connection with the completion of the Transaction, MURF changed its name to Conduit Pharmaceuticals Inc. The shares of common stock of the combined company (“Conduit”) are expected to begin trading on September 25, 2023, under the new ticker symbol “CDT” on The Nasdaq Global Market and the warrants under the new ticker symbol “CDTTW” on The Nasdaq Capital Market.
I would suggest this one would be more credible:
https://www.c5capital.com/team/chris-cooke/
In February 2022, IMS agreed to spin off its Excalibur Medicines subsidiary carrying out the advanced clinical development of its unique Covid drug.
In Feb 2022 IMS agreed to spin out its testing laboratory in Cambridge. In March 2022, the shareholders of IMS agreed to the sale of the rest of the IMS business to a third party. The new shareholders intend to continue to exploit IMS's brand in various international markets for both healthcare testing and medical supplies.
I worked it out slightly different:
They are buying the company by issuing shares, a total of 33,333,333 in Boanerges (or the new company set up) - Valued at 75p, valuing the company at £25 Million, vela owns 1.42 percent of the company so would recieve 1.42% of 33,333,33 = 473,333 shares, these therefore would be valued at £354,999.99 (473,333 x £0.75)
So a profit on the investment of £255k IMO
They havent sold any, this is simply a readjustment of voting rights following the placing, placing shares commenced trading on 01/10/2021, hence thats when the threshold was crossed..
https://www.lse.co.uk/SharePrice.asp?shareprice=LEK.GB.PL&share=Lekoil-Limited
Its showing on the Aquis exchange (as a sell)
Its all in the final results RNS:
Specifically NAV below:
Net asset value
As at 31 March 2020, the Group’s consolidated net assets stood at £4.98m (2019: £5.14m). There were 14,677,257 ordinary shares in issue at that date which equates to a net asset value per share of 34p.
As we have previously stated, the Company’s ordinary shares continue to trade at a substantial discount to the net asset value. We recognise that there is a value of goodwill on the balance sheet and we review this each year to ensure that the value is fairly stated. In each of the past two years, the board has taken the decision to reduce the carrying value of our security division by £200,000, and we have done the same thing in 2019-20 in line with good accounting practice. The write-down represents a reduction of approximately 4% in the consolidated net assets of the Group. The board remains satisfied that all other goodwill valuations can presently be justified.
As always DYOR
https://simplywall.st/stocks/gb/retail/lse-fccn/french-connection-group-shares
Found this intresting.. (especially the fair value price :-) )
https://marketresearchposts.com/2020/07/29/artificial-intelligence-in-diabetes-market-2020-industry-future-opportunities-by-industry-size-top-players-analysis-and-forecast-to-2025/
Nice to be in a group of big names, can only see 1 way the company will go - Takeover! IMO DYOR