Member Info for DRB83

Still think we should ask the question to the bod. Who is our spokesperson/people?

I know some on here arn't too please to see the name TAAT but imo I am happy to use it as an obvious benchmark. Same industry, same country, same size, both at the beginning of their journey. Lots of obvious similarities that make them direct competition and very worthwhile seeing what they are upto.

I doubt anyone can disagree that communication from Chill has been pretty sub standard.

The building blocks are being layed. Patience is key here. It is a very exciting share to own.

Yes, 5% of the company so at today's prices that is in excess of £2.2m. If they perform and get us to 100p say they could sell and generate £11m+ which seems excessive but we as investors would be sat in profit and let's remember that whenever Viridian do leave us we will benefit from their services for years after.

Let's see what they bring

Yes. Can one of our connected investors maybe ask the question to the company. 'how long do we have Viridian working with us'

They will clearly bring a magnitude of knowledge and experience and get us in with all the right people so the longer the better.

Another benefit to this agreement is the cashflow. We get all the benefit of Viridian at zero cash outlay. The enormity of this partnership shouldn't be overlooked imo.

2nd to that. These are not typical warrants like you would see with a capital raise where you sell X amount of shares for say a 20% discount to the current SP, and then as a kind of incentive or thank you, you give X amount of warrants with an exercise price which can be a lot higher than the current price.

The Viridian deal is not like this. It's warrants for services rendered or to be rendered. There was probably some politics as to why the bod couldn't give them away so had to apply the lowest possible price which would be the nominal value, hence 1p.

I guess it was Viridians security to ensure they didn't work for nothing.

Vas, the RNS does clearly state the exercise price. 1p. It then goes onto state when they become exercisable. Imo you are letting the 60p confuse you. That is not the exercise price but the point at when the warrants become exercisable.

RNS
"As part of the agreement, Viridian has today been issued warrants exercisable into 4.9% of the Company's fully diluted ordinary share capital (representing approximately 11,290,826 ordinary shares), with an exercise period of five years and an exercise price of 1 pence per ordinary share of 1 pence each ("Ordinary Shares"), which are exercisable on the Company's Ordinary Share price appreciating to 60 pence, or otherwise, exercisable at 25% per quarter following the 12 month anniversary of the grant date."

Vas,
It states 1p twice. The 1st one is the exercise price, the 2nd one is the nominal value. Let's not forget that this is the payment we are making to Viridian instead of a monthly invoice. So yes we are effectively giving them shares in return for their services.

Yes, Viridian can't exercise any of the shares in year 1 unless the SP appreciates to 60p. If it does then they can buy the shares immediately if they choose for 1p and sell them for 60p if they choose. That means they would receive £6.6m ish in wages. If the shares don't hit 60p by 1st Oct 2022 then 25% of the shares can be bought for 1p regardless of the sp. Another 25% can be purchased the following quarter and so on. What this does mean is that if the SP is say 30p in Oct 2022 then Viridian will still get their shares despite not performing. Imo this won't happen but it's worth pointing out.

The other thing to consider is that I feel with a good Q3 sales result we could have got back to 60p on our own. I think 60p was too low given we were at 100p not too long ago.

My last point would be, how long are Viridian employed for. This does not appear to be clear. Surely they can't just sell up and run at 60p. Blue says they won't but what assurances are built into the terms to prevent this. Don't trust anyone in business. It's just not clear.

Thanks for bringing it back to Chill Cranleigh

You're right, I'm not great at letting things slide. Your attitude and tone attracts conflict which apparently is the very thing you want to avoid so you can focus on Chill. Me too, just bothered about Chill here. Control the attitude and we can start to concentrate on CHILL.

Can you not see how the conversation was about Chill and since you joined the conversation it quickly got rude and condescending which ultimately lead to the conversation moving away from Chill and here we are.

You may have been 100% comfortable around the terms of the Viridian deal but I can guarantee you that many here weren't and that a logical discussion around them would have been beneficial to many. That is why most of us are here, to learn and build our confidence in our investment.

If like Owen says you are one of the best contributors here then use that ability to help others, otherwise why are you here other than to massage your own ego.

Hi Owen, thanks for the warning. I'll bare it in mind

Arrogance grinds on me that's all but happy to let it slide this time.

If we are going to move on from the Vas and clang feud then it may help just to say things in a better way. After all I'm a relatively new poster on here that started an actual thread about Chill which within about 5 or so posts turned to insults.

People need to decide if they want to talk Chill or just argue.

It's called being polite and not shooting someone down especially when I asked for an explanation and he was the only one that provided one at that point.

I feel that approach works best rather than the 'you're wrong, I'm right approach' doesn't sit well with me that.

Chickenlegs, sounds like you're saying a FS is 8 years away. Have I miss understood?

Thanks blue. Pretty sure that is exactly what I said if you read my posts so not sure how you think I made a hash if it.

In summary,
11m warrants @ 1p =£110k
Become exercisable when SP reaches 60p OR in 25% tranches after 12 months (whichever comes first)
This means once SP reaches 60p they can buy 11m shares for £110k. They don't have to sell them and can hold them for 20 years if they like.

I also said that I expect them to maximise our potential therefore £2.2m will be worth it.

The only point I wasn't clear on is how long they will be working with us.

Please ensure you read all posts before having a derogatory dig at someone. It's uncalled for a doesn't help.

Thanks for clarifying B2. Yes it can get very technical. I suppose I was trying to ascertain whether the 10 min test would likely be a mega lab test or a POC test. Both would be great developments but I feel POC in 10mins would open up a whole new opportunity for us. Could it possibly be tied in with a IT-IS development. I guess we just have to wait and see.

If we tap into only 1% of that it's $320m per annum for just one product group. With a 30% EBITDA that gives us $96m at a PE of 40 that's gives us a mcap of almost $4b. Not too shabby. I'm happy with 1%.

Thanks Vas but clearly a very subjective set of terms that can be interpreted in various ways.

It states the exercise price is 1p which I take this to mean that to get the shares Viridian would have to pay only 1p per share.

In terms of when they become exercisable, it does state 'or'

"which are exercisable on the Company's Ordinary Share price appreciating to 60 pence, OR otherwise, exercisable at 25% per quarter following the 12 month anniversary of the grant date."

So either once they get to 60p or in tranches of 25% per quarter after 12 months.

Anyone else have a view on this?

Thanks Vas,

I have reread again and this is my take:

We have given Viridian some 11m warrants to buy 11m shares at some point in the future. They will buy them for 1p each so £110k.

They can't buy these shares yet but have 5 years to make the purchase.

The shares become available for purchase either
A) as soon as the SP hits 60p or,
B) 25% become available from 1st Oct 2022
25% from 1st Jan 2023
25% from 1st Apr 2023
25% from 1st Jul 2023

Viridian can sell whenever they want. I don't see any terms around when they can or can't sell.

At today's rate we have given him 11m shares which is approx £2.2m of the business. If he can help us maximise our potential then £2.2m would be more than worth it.

The term of the contract with Viridian has not been disclosed directly but based on my theory, the term of the contract could expire once he has his shares so worse case 2 years. My theory does however mean that if we hit 60p in 2 months time then he can cash in his warrants and be on his way. That bit doesn't sound right as I'm pretty sure we could get back to 60p without him. Bit of a grey area for me there.

Exmex, I found this with a date of May 4 2021. Have you seen it?

https://alter.com/trademarks/winterplex-79315083

Are we aware of this distributor. Somewhere in the Far East selling our CE marked Winterplex kit. Lavly Jably

https://www.chayon.co.kr/project/winterplex-kit/?ckattempt=1