Member Info for E_AL

A nice wave of chunky buys just gone through, 4.2-4.3 seems to be the new support

Silverlight, an overhang from the conversion of convertible loan notes to equity back in November:

"Roquefort Therapeutics (LSE:ROQ), the Main Market listed biotech company focused on developing first in class medicines in the high value and high growth immunology and oncology markets, announces it has received notices to convert a total face value of £267,106 convertible loan notes (the "CLNs") resulting in the issue of 6,586,604 new ordinary shares in the Company (the "CLN Shares").

In accordance with the terms of the CLNs, which were issued on 23 May 2024, all accrued interest on the CLNs at a rate of 12.5% per annum is included in the conversion into the Company's ordinary shares of £0.01 each ("Ordinary Shares"). The conversion price of the CLNs is 4.29p, being 90% of the price equal to the 10-day volume-weighted average price calculated backwards from the date, which is three business days prior to the notice of conversion given to the Company.

Following conversion of these CLNs, the Company has CLNs with a face value of £387,894 outstanding."

It will take some time to clear off the overhang, once its done, we can expect the share price to adjust to reflect today's news.

Just to get it right, before the demerger, Qube holds a 0.91% short position in THG. After the demerger, they will need to cover a 1.0374% short position in THG, considering the 14% reduction in the number of shares in the company?

Perhaps some see it as an opportunity to sell their new shares ?

"Roquefort Therapeutics (LSE:ROQ), the Main Market listed biotech company focused on developing first in class medicines in the high value and high growth immunology and oncology markets, announces it has received notices to convert a total face value of £267,106 convertible loan notes (the "CLNs") resulting in the issue of 6,586,604 new ordinary shares in the Company (the "CLN Shares").

In accordance with the terms of the CLNs, which were issued on 23 May 2024, all accrued interest on the CLNs at a rate of 12.5% per annum is included in the conversion into the Company's ordinary shares of £0.01 each ("Ordinary Shares"). The conversion price of the CLNs is 4.29p, being 90% of the price equal to the 10-day volume-weighted average price calculated backwards from the date, which is three business days prior to the notice of conversion given to the Company.

Following conversion of these CLNs, the Company has CLNs with a face value of £387,894 outstanding."

General Meeting: 12 p.m. on 27 December 2024

Announcement of the results of the General Meeting and the results of elections for B Shares: 27 December 2024

https://www.lse.co.uk/rns/THG/ingenuity-demerger-circular-and-notice-of-gm-1lmp09qgh3rei5t.html

I've listened to the Q&A and according to MM ( listen to him @ minute 38:30):

“ To raise the cash at that cash then goes into Ingenuity when it gets emerged at the end of the year. Then those that it will be paid for in cancellation of shares. So what will happen is the share count reduces by the same amount with just raised by and more. So the dilution impact there is no dilution.

The reality is those people that elect to take shares in Ingenuity are essentially the ones that have taken the dilution in doing the transaction. So it will be less shares in issue at the point of demerger than they were as of last time.”

Trading volumes since the opening:

# Trades 358

Vol. Sold 457,650

Sold Value £161.49k

Vol. Bought 878,985

Bought Value £312.52k

What was the $772m d4e conversion rate or the retail offering share price ???

RNS out - Shareholders voted against !

19-Dec-24 15:25:23 44.58394 907,855 Buy* 44.40 44.48 £404.76k

I just listened in the Q&A again and according to MM ( listen to him @ minute 38:30):

“ To raise the cash at that cash then goes into Ingenuity when it gets emerged at the end of the year. Then those that it will be paid for in cancellation of shares. So what will happen is the share count reduces by the same amount with just raised by and more. So the dilution impact there is no dilution.

The reality is those people that elect to take shares in Ingenuity are essentially the ones that have taken the dilution in doing the transaction. So it will be less shares in issue at the point of demerger than they were as of last time.”

It looks like its about to rebound, I am getting paid the ASK to sell my shares

Perhaps this could explain today's sell-off. If the process is similar to how dividends are handled on the ex-date, then the sellers likely waited to bag the new Ingenuity shares on the ex-date before selling THG to lock in any profit they made from purchasing THG prior to the price increase. Who wouldn’t want to get free shares (Ingenuity shares I mean)?

[the seller (if they owned the stock before the ex-date) will receive the dividend, not the buyer who purchases on the ex-date.]

"Just a value taken at a moment in time”.

Should we expect further value being taken from THG's market Cap or is the 11% drop in the share price today a reasonable estimate of Ingenuity's value?

Someone is loading up in bulk .........

According to the RNS, State Street Global Advisors & Affiliates held 3.70599% in the company yesterday (12th of Dec) which probably explains the spike in the SP!

https://www.lse.co.uk/rns/TLW/form-83-kosmos-energy-ltd-n2dt6nn2vgf9yk3.html

Sea of blue on L2 atm :)

The sp is creeping back up on the tech chart :)

Yeah but there must be a reason to trigger this 23% drop?