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That is correct. At least 3-4 if I recall correctly.

Its felt like that for a while. However, the current market background (ie Trump and Hormuz) really isn’t conducive to getting anything big over the line.

This must surely involve GT and Genmab (who should surely have coughed up a milestone payment by now?)

No connection necessary between the milestones and any spin out, though there may be a question about which entity the deals with Genmab should sit in. I would think GT is the most logical, so that Genmab buying into a JV would reduce their liability and monetise a portion of Scancell’s asset for use in the vaccine business.

Note that any listing on NASDAQ needn’t be immediate - indeed next year may be better timing?

BP has farmed in to ECO ‘s Namibia licences including PEL97 which is immediately inshore from GEO’s PEL94:

https://www.investegate.co.uk/announcement/rns/eco-atlantic-oil-gas-npv-di---eco/farm-down-of-namibian-portfolio-to-bp/9515737

Remember that we are expecting milestone(s) payments soon…..and in fact have been for three months.

the next few months should bring well test results, a cashflow update for h1 (given gulf impacts) and an update on 125/6 partnering (for which interest must surely have increased in recent weeks?).

https://www.***************************/pharos-energy-looks-well-placed-for-2026-says-auctus-advisors/4121246758

i’d like to see a full updated note in the summer, including the impacts of all that……

This is Australia. - people drive four hours for lunch……

….in Vietnam and Egypt oil continues to flow as usual - as it will when the ceasefire breaks down too.

Those who think Hormuz is fixed are much mistaken - there won’t be any ships that mange to enter the Gulf, load up and then exit again unless the ceasefire last longer. All that will happen is that the ships that are bottled up in the Gulf will be released.

Just announced their results this morning. They now have $1.2bn of cash on their balance sheet.

If they liked the potential GEO’s assets, why wouldn’t they just buy them? 🤷‍♂️

Bermuda,

Quite common for options that have vested by leaving date to be exercisable within 6 months of leaving……which, in this case, may be long enough. 😏

Note that there is little or no value in the options at the current share price.

The options currently have very little value but, on the face of it, the timing is odd. But then we don’t know what other opportunities he has…….or indeed what opportunities might have been expected for him at Scancell and whether those are disappearing as a result of changed plans.

I’m out of touch with the mechanics of US listings, but the share price issue used to be addressed by bundling 10/20/100 shares together as American Depositary Receipts and these were then traded as ADRs.

Share price isn’t an issue if we were floating GT, for example, because we’d simply divide the shares into $2 or $5 nominal values. Or if listing Scancell in the US we could also just consolidate the shares.

Nominal values make no difference, except where required by listing rules. I have shares in my portfolio that are £12 each and others which are 0.12p.

I’ll just note that it isn’t a surprise to have global search for the CFO of a company that may be in the early stages of transitioning towards being a global company.

You are wrong on that, violindog. Not “everything leaks”, especially in serious companies with professional management and advisors! I have been on the board of a company that was a similar size to Scancell - and it was observably true from the inside that neither positive nor negative news leaked.

Today’s RNS is a case in point…..

No, Crusty. If GT is floated then clearly the shares sold can have two parts: 1) new money for GT and 2) Scancell selling down their stake for cash…..which can then be used in the vaccine business, This is they way they would go if GT was considered a separate business and now non-core (as the creation of GT perhaps implied?).

I spoke to Sath about Nasdaq at the AGM. It was plainly an option at that time. As we know, the potential to spin Glymab Therapeutics out of Scancell now exists - and it isn’t a big leap to think that one or the other entity (or both) will end up on Nasdaq.

I think they have been winnowing down their strategic options. It would indeed be unusual to have a CFO on only a month’s notice, so perhaps there has been a change in the shape of the most favoured options? And perhaps a US-linked corporate deal has moved up the pecking order?

On the face of it, of course, it may simply be that Sath has a personal opportunity to run his own show elsewhere. But the timing is curious and is suggestive of a difference of view about the strategic options facing the company. In such circumstances, Redmile stepping up suggests that they have a very clear view.

And there may be CFO options available from a corporate deal??

You are right that funding news is essential. But next week isn’t a long time to wait.

Other stocks in the sector on my list are up between 6% and 10% today. This is up 3%.

Already the cheapest stock in the sector…….and getting relatively even cheaper!