Member Info for Del44

Good morning JL.... The price is all about the delisting now and nothing else... Possibly a few investors buying some distressed shares, happy enough with the private company status upcoming...

JL....if you do nothing but hold on to your shares....after delisting....you still own shares, only in a privately run company, which will have re-registered from a public company to a private company...Our shares are still valid. However there will be a lot of new CPS been issued in the new company...with said warrants....all @...2.82p per share... I shall retain my holding in the private company. I will vote for the resolutions....don't like it ...but thats the way it is... I wont go after any of the CPS........it is too late to sell. I am more comfortable about a private company then I was at first news....

Interesting the 2sd tranche had a trigger of £1 million (excluding VAT) sales.....I wonder how those projections were made back last year to convince them it may have been possible? So SVB have lost £1.5M in 8 months here.....

Immaterial now at this time JL....Most if not all the main LTH are gone now.....Difficult to know which if any II would stay...chances are they are all most likely gone..There has been quite a few chunky trades gone through this week. I would say that is why it fell straight to where we are.....Only a 6% II agreed with the delisting...the rest...no deal.....even at 1p or less......

The extra 3 million comes after delisting. So the chances are you will not hear about it...as to how successful it was. No trading over there Monday. Might get more out selling after no bounce for them...

Not quite sure Cellis. It may have to do with the QC that has to be done every 8 hours or so. It sounds like they are looking at developing the system geared towards the USA. So it is changing....

Sorry working... But increases the patient cache mentioned. Sepsis etc.....

Morning JL... The annual accounts can be released I thing with in 18 months of year end....so yes they have to put them out...but no rush... I wouldn't hold my breath waiting for a rns from anybody who has dumped..... Anyway ....off to work for some honest money, if not foolish...:-)

Here is the thing Cellis....you may have a point of sorts regarding investing....You see, as a private company...any minority shareholder may not be asked to put more money into any future funding...It wont be like a public company... Partly my understanding is that if they needed another £5 million next September....Woodford could issue that money and issue more CPS in return, without asking other shareholders for monies.... It is a different animal altogether.......Now weather he would is totally up to his decision..... Also if you read Part 4...section 4....as a private company...it could be much easier to effect a buy back of shares from capital if so wished. No need to go to court for approval...

That is to try and maintain a market...So if I wanted to sell stock...I would approach the company and tell them...They would then await for someone to approach them who wanted to sell.....it would be purely matched bargain bases....There would be no actual quote on a price just a meeting of individuals who may be able to strike something between each other.... The company is not liable for any out come...So JL may want to buy my stock..........:-)

Unfortunately we are not been offered anything for our stock.....we are just delisting from the market....... So no offer on the table to take us private...just an ultimatum....

Thats it JL.....and then they will lapse in about 1 year from issuing date. But if you go into the delisting with just your ordinary shares and do nothing....then you will have only your ordinary shares in the delisted company..... It would seem structured to deter PIs.....probably right too...I am leaning with doing nothing now....let the CPS pass me by. As to my ordinary shares...will most likely just keep them and forget about them....

The SPHR Twitter page looks dead in the water.....and I wonder if they will keep the web page going?

The CPS shares com e with the warrants.... They carry a coupon of 8% which can be paid in shares and are compounded. They would rank a head of ordinary shares but the main part would be there dilution effect.... Other then Woodford's TR notifications....nobody else ever bothered and so not likely now. I noticed a large 1.5 Million shares @ 1p...sold...so I would imagine a few of our bigger holders have bailed..... The rns stated that they had backing from a holder of around 6 million shares going with the resolutions....so yeah, I would say very few if any left.....

JL.. Firstly......Part 2....paragraph 5.2..Investment warrant instrument information....applies only to CPS take up... Secondly....ADVFN usually keep threds open....The FTO thread is still open and can still be posted on even though it is no longer listed...so you could use it... LSE usually delete threads within a few weeks...

If you register on ADVFN...you can PM...I think I mentioned it yesterday.... PM is short for private messaging....you were talking about it the other day...

I think the warrants are associated with CPS only...in other words..if you subscribe for 100 CPS you get the option of 100 warrants with them exercisable within 1 year at the the same 2.82p price... I may be reading that wrong!!

Thanks for that rugs.... You just saved me money on a phone call....;-)

JL....Tim over on ADVFN posted did just a few minutes ago..... After the GKP disaster and the FTO dismal effort....I have dwindled out on any readies. One or the other at this point.... From Tim.. The re-financing documents are now available on the Sphere Medical web site: http://www.spheremedical.com/investor-relations/shareholder-information/shareholder-communications This one gives the terms for the convertible preference shares which look fairly standard to me http://www.spheremedical.com/sites/default/files/Circular%20220817%20FINAL.PDF The convertible preference shares have an 8% (compound) coupon, which is payable in additional preference shares. The effect of this will be to increase the potential dilution of the ordinary shares as time goes by, so for example the number of preference shares would double in the event that an IPO or trade sale occurred after 9 years, or they would increase by just under 50% (i.e. 47%) if an IPO or trade sale were to occur at 5 years. In addition, the preference shares have preference over the ordinary shares when the company is sold (or liquidated). This preference would have no adverse effect on ordinary shareholders if the company were to be sold for a shed load (for example £100m) in a few years time, however, if the sale proceeds were to be only £5m (or less), Preference shareholders would receive all of the payment and ordinary shareholders would receive nothing. Given that any new investment in Sphere Medical is likely to end up in a binary death or glory scenario, any PI contemplating a new investment in Sphere should consider buying the ordinary shares in the market at 1.1p or thereabouts, rather than subscribing for the preference shares (plus warrants) at 2.8p/ share.

That is always the risk Cellis...Both rung sand myself were in an other company FTO that had a some what similar experience....all be it a low ball buy out.....Assuming they get the £5 million.....how much is expected to be then raised by the new/existing holders? If nothing...then £5M will last until ???? July 2018? Having the two tier share set up means that they can not just keep issuing shares as they could do if we only had ordinary shares in issue in the new deregistered company.. May be they have someone lined up to participate in the second round and are not just relying on existing shareholders....Hard to know......The coupon is 8% compound.......but clearly that is on a long term base.....how would that dilute ordinary shareholders in the future..... I think that may be the speculation that has seen quite a few shares been bought over the last few days.... The question is...if considering investing....do you go with the CPS @ 2.82p plus warrants...or just go with a shed load at this level? Or just take a penny in the market and run?