Member Info for dippfs

If there was to be any dilution via a disastrous sub 4p fund raise ( which TFG have previously blocked so I doubt they would allow this ) TFG could only contribute 30% of the raise otherwise it would take them above 30% ownership and they would have to bid to take over the company which it appears they dont currently want. My guess is that if TFG are funding this then it would have to be some form of non dilutory corporate bond / convertible bond. But that is literally a wild guess based on no evidence whatsoever. The truth is that we dont have a clue.

Im no expert on this so im just asking the question. But I was under the impression that SNG had spent the last year trying to find bio markers with TOP MD but they couldnt find anything which was why they settled on a mechanically ventilated trial which is easy to identify patients. Are you suggesting that this test may be built into the trial so it will be mechanically ventilated patients somehow filtered down even further by this test ?

You miss the point doc. They are talking about an "enhanced trial" which needs the funding. Presumably an enhanced trial is more expensive. My question is why plan an enhanced more expensive trial, when we have 12M which would most likely cover a smaller non enhanced trial. I think on balance I see this as a positive thing because it means most likely they must have known they had the funding and they must feel whatever the funding is must be good value for shareholders.

I dont know what all the talk is of no money - we had 12M left as of 31st December. We will find out how much this has dropped in the interims. I still think this should be enough to do a small phase 1 trial. My question has always been why plan an enhanced trial which needs funding when we already have 12M ?!? Just do a cheaper option that is affordable. Simon Shaw said in his last update about Mark Parry Billings that SNG001 now has a "rigorous development plan" so I think we can assume the trial design is done. Seems like were waiting on funding.

Well according to the AGM resolutions Richard Marsden is offering himself for re-appointment so I suppose that answers that.

Appreciate the points raised about the MCAP vs amount potentially needed to be raised. But what I cant get my head around is that synairgen knew all this right from the start, so why on earth would they plan an "enhanced" trial knowing that they cant get the funds ? Surely it would have been better to plan a small mini trial that would have been affordable. Im probably clutching at straws but it's a glimmer of hope that maybe they do have something lined up, especiallly after all the confident posturing about how excited they are. If it turns out to be smoke and mirrors then the AGMs gonna be a total bloodbath ! Carnage !

Interim results should have been announced before the AGM. Hopefully they will use this opportunity to put some meat on the bones. RNS yesterday mentioned they now have a "rigorous development plan" so I presume this is all finalised now. They have certainly had enough time. Possibly just waiting on the funding now I guess.

I’m the other member from Leeds, I have been a shareholder for a few years but this will be first AGM as well. Yes happy to go for a pint after. Drown our sorrows !

I think it's too early to say if Richard Marsden's position is untenable. He is the CEO he isnt a scientist, it wasnt his fault the trial failed. Since he deals with the corporate side then I will judge him based on the funding deal he has secured, if any. If it's a good deal for shareholders then I wouldnt say his position is untenable. Although his salary might be untenable based on the current MCAP, maybe if he stays with a pay cut this might be better.

It seems from email correspondence recieved by multiple people that the AGM announcement will be accompanied by details of the new trial and associated funding package. So maybe it’s not so much the AGM in itself that is such a big deal - but all of the above things that go with it. I don’t see why there wouldn’t be an AGM when we had an RNS not even a week ago saying one is planned for early October to be confirmed shortly.

Well I dont know what the exact definition of "early October" is but they will have to get a wiggle on as to me it looks like were already drifting into more "mid October" territory and counting !

Im not a scientist so im not claiming to fully understand this - but would I be right in thinking this isnt really much relevance / benefit to SNG, other than the connection to the UNIVERSAL trial ?

The whole point of TFG investing on a 20 year timeframe is that they have enough capital to ignore any short term fluctuations - they fully expect blips in the road - but they don’t panic and are happy to take a long view. So although I doubt they will be impressed with a 98% drop in share price as none of us are, but I don’t see them panicking into rash decisions. SNG have taken 3 years to evaluate their previous trails and data and an MV trial is the new plan. I assume they have good reasons for this and I don’t see any reason why TFG wouldn’t back them - since the world class team was partly why they invested in the first place.

Part of TFG's due dilligence before they even invest in a company is to look at the team and they only like to invest if the team is "best in class". They then make their investment and are happy to look at it on a 20 year time frame. I just cant see based on this why TFG would demand Monk, Marsden, or anyone else is gone 3 years into a 20 year investment.

Karley if Monks notice period is 6 months why are we only being told now and not 1st July if he leaves 31st December. They just been sitting on this for over 2 months ?

The company did say in their last update that if they couldn’t get funding they would go down a plan b route to cut costs while they try and prove why they should get funding. Is this the first sign we are going down this road ?

It has been a slow process to get to here but the company has completed its evaluation of all data from the previous trials and has finalised the route it wants to go down to take this forward. This is good news in itself, as it means there can’t be any more delays and we should get the new trial soon to take this forward. Providing they can fund it. I don’t necessary have a timeframe in mind for an update and the AGM but they must have thought it would be reasonably soon as you can’t just postpone an AGM indefinitely.

There’s no misconceptions from shareholders ! The AGM was due in June and it’s now late ! Maybe the misconception is with the board for thinking it’s OK to totally ignore this requirement, presumably until they announce the trial and funding together.

It is accepted the company are working hard on finalising the trial and associated funding package. But that doesnt excuse not doing an AGM. They cant just delay an AGM until it suits them, totally unacceptable and to be honest quite cowardly.

What else can they do if they cant fund a trial. Of course it's not acceptable. But it is the reality. Lets just hope this doesnt happen eh !