Member Info for Doc.Daneeka

Useful guide to minority shareholder rights in Private companies. I was searching because I was unfamiliar with the 90% figure that's been mentioned as the doomsday number in so many recent posts. This article confirms it as the point at which the majority shareholder can basically do what it wants to acquire the remaining shares.

Also of interest though is that at 75% - which TFG has already comfortably passed, the majority shareholder has the right to attempt to change the articles of assocaition and min sh have no power to resist this. It shows clearly that minority holders have incredibly limited statutory rights. Worth a read if you are also uncertain of the rules. If anyone imagines TFG and their puppets Synairgen will act with anything other than ruthless disdain for shareholders from the point of delisting onwards - when they had no interest in us when we held more than half of the shares and have shown nothing but contempt in the last month or so since the axe fell on December 20th., then I'd say good luck !! We can still make back some of the lost money if the P2 passes - but we will have no say whatsoever in anything that happens before this point is reached

Shareholding of 5% or more

Able to require the circulation of a written resolution.

Able to require the company to call a general meeting.

Able to prevent the deemed re-appointment of an auditor.

Shareholding of 10%

Able to call a poll vote at a general meeting.

Able to require an audit.

Shareholding greater than 10%

Able to block consent to short notice of a general meeting.

Shareholding greater than 25%

Able to block a special resolution.

Able to block compromise arrangement with members or a class of members.

Shareholding of 50%

Able to block ordinary resolutions.

Shareholding greater than 50%

Able to pass an ordinary resolution.

Shareholding of 75%

Able to pass a special resolution.

Able to approve compromise or arrangement with members or a class of members (also needs court sanction to be effective).

Shareholding greater than 90%

Able to consent to short notice of a general meeting.

Able to squeeze out minority shareholders where a takeover offer has been made.

Right for minority shareholders to be bought out by a bidder making a takeover bid.

https://www.gannons.co.uk/shareholder-rights/minority-shareholders/

SNGMS you haven't answered any of the questions put to you. What was/is your LSE (or any other board ) name and can you supply the monikers of any of the other investors engaged in this project. Our collective memory is long and we will remember them.

One can only assume the impetus for this comes from Reddit as it's the only group entirely closed to scrutiny - except to its members who were wrong all the way throughSprinter, in their ridiculous devotion to the senior management team and disappeared from here as soon as the going got tough.

If you won't or can't respond to any of this, and I mean no animus to you for attempting to light the way forward, will you at least answer the question posed by Wigster " how are you judging Richard Marsden right now?

And as you're back Oakleaf - in all your pompous vainglory - and the question ws directed at you - what is your opinion of RM today ?

Apols for the missing vowels ... new drugs interfering with my keyboard fluidity

Fred16 - no idea who you are - but Nessab has been a solid,credible and esteemed poster for a very long time. She is allowed to ask who the mystery "administrator" is wonder why he and the other new posters can't give us an LSE name to hang our hats on. Who is behind this new group. Give us four LSE monikers that we will recognise. Whoever you are you're delusional to imagine that any concerted action from the rump of old LTHs will influence anything that happens next.

Mani has it right - If there's been malfeance or malpractice to this point. Which there might be given how misleading the Dec RNS was in relation to the OO proposal - then we should make a formal complaint. Once this company delists we'll have no control whatsoever - and whatever we do or don't do I'm certainly not going to trust a facelss, nameless little cabl - which is just as likely to be something created by the likre of TD and some of the other company stooges to control the what remains of the narative. I mean good luck boys if you are genuine - but I've had more convincing offers from Nigerian princes frankly.

Strange phraseology because the RNS goes on to say that the new 900m shares will begin trading on 17th and "will rank pari passu in all respects with the existing Ordinary Shares,". Maybe it refers to the shares being temporarily withdrawn while the new shares were added. Someone will know. In any case we can see that there are now 1.1b shares in issue.

Just saw that Biden pardoned Fauci - which is very reassuring. No doubt Kennedy and the fake science crowd would have got after him for the GOF work with the Wuhan lab. Only in Americaa can a President issue a pardon for crimes unspecified and charges unmade. Normally I'm opposed to this kind of behaviour, but Donny is a vengeful child and can't be trusted.

Soz again PSPD

Beforegolf - soz

Beforegold wasn't it. No idea - maybe off to Reddit. Agree that Aether was not at his best when he was in vampire hunting mode - and I hoiope ou didn't cop any of that - but in essence ( and god knows he doesn't need me to speak for him) he's always been a good guy - afaics.

While you're here Prof - I guess you must be raising a glass to Donny tonight ang his vaccine skeptic health chief Robert Kennedy. He's already reinstated all of the servicemen who were canned for refusing the vax. I'm pulling my last pennies out of this and throwing them at Domestos.

Fot the last time . Pi.ss off Andybe4. Whichever side of the fence we sat - and Aether was always with the skeptics - we were united by one thing, and that was our shared loathing of the verminous posts you made from your squalid little baement. Begone foul creature.

Let's wait for Magentascarab to answer. He seems convinced the IA plan was published with the Open Offer RNS . If it wsas and is hidden dsomewhere that would tell u whether we're barking up th wrong tree. I was in hospital when the Dec RNS came out - was the Proactive interview on the same day. It makes no odds really as even if RM talked about IA in that interview that is not an acceptable means of conveying material news to investors

Magentascarab How was it available online? What else was on there apart from the December 20th RNS. And even if you can provide a link - Pis made there decisions based on that RNS - which stated repeatedly that funding was for a P2., and made no mention of the fact that the £14m would only cover it to the IA. It's all complete nonsense. And as Mani says - you can't get regulatory approval to run half a trial. This is fishier than a trawlerman's Y fronts

But please - point to the published documents between Dec 20th and JAn 115th that support the idea that it was there for all to see. It was never mentioned on this BB in that period. We though t we were supporting (or no) the whole P2.

Doc83 and Jint Reluctantly I've watched the Proactive interview - which followed the December 20th RNS. Couldn't bring myself to watch it at the time. In it Marsden does indeed talk of funding to take the P2 to the Interim Analysis.

BUT I've re-read the RNS itself - abbraeviated and in full, and I still can't find any mention of partial fundng to IA

RNS Dec 20th

"The net proceeds from the Fundraising will be used to fund external and internal costs of a Phase 2 trial of SNG001 in mechanically ventilated patients with confirmed respiratory viral infections, drug manufacturing and stability testing. "

( this is the first pargraph decribing how the money will be spent )

and RM's quote :

" “We are delighted to have secured a path forward for SNG001 with the conditional raise of £18.0 million to advance a large Phase 2 trial in patients requiring mechanical ventilation due to respiratory viral infections.

Happy if I'm wrong of course but please show me the passages that say they are fiundraising to the IA point.

From what I can see - the Half funding mention only appears in the 2 susequent RNSes issued this week.

RNS Jan 15th

"The £18 million net proceeds from the Fundraising will be used to fund external and internal trial costs to the Interim Analysis, and drug manufacturing and stability testing for Synairgen’s Phase 2 INVENT trial . "

It must be my error becaue nobody else seems bothered - but surely we all thought the fundraise was for the whole P2 trial ? We talked of FIVE x dilution - but the reality was TEN x.

And somehow between Jan 15th and Jan 16th the timeline changed from RM's RNS promise " we now look forward to initiating this important trial in 2025." to his statement in the Open Meeting that they expect the trial to start in the first half of 2026. Not a biggie maybe - but this change happened in 24 hours.

https://synairgen.ams3.digitaloceanspaces.com/20.12.24-Synairgen-Proposed-Fundraising-FINAL.pdf

if anyone can show me what I missed

Azing dippfs - too much to unpack all at once but a first thought is that we've been doubly scr.ewed here.

The fundraise proposal on December 20th said

"The net proceeds from the Fundraising will be used to fund external and internal costs of a Phase 2 trial of SNG001 in mechanically ventilated patients with confirmed respiratory viral infections, drug manufacturing and stability testing. "

that's pretty clear

And now we discover that it's not true. The £18m ( £14m of trial funding ) we're now told is only funding to the IA - halfway through the trial. Which means a further £18m to get it done - and with money costing at least the same in 2 or 3 years when this happens - another huge dilution.

It' immaterial because our investment is long gone - but surely this is outright DECEIT. They never said the funding was for half a P2. That paragraph is unequivocal. They're making it up as they go along. ( we knew £14m wouldn't be anywher near enough for this big trial and this explains it )

And of course the other big nonsense is the trial now being aimed at the 2026 viral season. Unbelievable. In the first proposal it was aimed at this winter's viral season. They changed that to " as soon as possible " and now they're telling the truth - that they are nowhere near starting.

Perhaps soomeone else can destroy his nonsense claim that they'd like to do Sprinter and even ACTIV2 again. It's just outright lies.

Thanks Jint it affords me some comfort to hear your description of shareholders laughing in their faces. Dishonourable men end badly . Somewhere down the line they find themselves on the other end of the sh.afting. Be in no doubt that Marsden will be bounced out of the TFG door soon enough. The quisling has served his purpose and they won't want him hanging round with that stale stench of failure and defeat that he carries with him eveywhere.

It's really nice to know that he left the meeting with your laughter ringing in his ears. Squalid little man.

Clever buggers have a name for the trial. Clearly not interested in my suggestions of LASTGASP.

Oh don't worry the shares WILL drop to 1p and below. What a moniker though - on this of all day Buzz4 PM

I'll post once more in the next day or so, to say goodbye to the many great posters on this bb and tell something of the story of the last years - which began in dark times - when we thought SNG001 might make a huge difference in the fight against Covid, and ends in the failure of all that was promised and hoped for. If SNG should ever ppear on a pharmacy shelf we can all congratulate ourselves that we helped make it happen. Would be nice to see others posting similarly before we leave this place that has been such a part of our lives for so long.

I didn't participate in the OO - how could I, in all conscience, after the abysmal failures and mismanagement of the last 4 years. RM is the Mayor of Shark City as I've said before and we should have known when his trusty lieutenants left that the project ws fatally flawed. Not that my little holding would have tipped the balance in any case. TFG may have preferred the company to stay listed I think but won't be bothered either way. If Synairgen disappears it'll be mildly embarrassing for the heritage tale they might still want to spin - but if the P2 succeeds that won't matter.

I don't think it will succeed though - for all the reasons I've given before. No Pharma wanted anything to do with the proposal and that's why TFG had to decide to give it up or go all in. They've made the wrong choice in my opinion - and for us although we will all mourn the loss finally and absolutely it's better that it ends now.

Nobody can answer that. They should buy now if they're happy with today's price, confident that the company will make the minimum raise for the offer to go ahead, and believes there will be an immediate uptick if it is successful. They should wait if they have have doubts on any of these. I guess there is a chance we'll see a bounce if funding is confirmed but the risk of losing a lot if the OO fails and your extra investment is not protected, would outweigh the positives in my book.

I think TFG will be happy either way - they don't need iis to move the drug forward at this point., but would probably prefer to remain a very large majority shareholder rather than outright owner. The unanswered question is whether the OO is in there as a sop to long term investors or whether TFG wanted it.