Member Info for extrader

Hi Theanalyzer,

I've taken at face value your statements re placing reliance on assurances made in the Prospectus as this is 'standard practice'.
However, on a quick re-read, I don't see any assurance that provides much comfort :

- the FCA disclaims responsibility (p.1);

- the audit report (p.5) summarizes an emphasis of matter 'uncertainty re Group being cashflow positive and ability to continue as a going concern'

- the statement [15]re working capital (p 85) 'at least 12 months from Prospectus' is made by the Company. You say" the auditor would have provided an assurance opinion over the forecast to the bank signing off the Prospectus" (a) why to 'the bank', which bank? and (b) where is/would that be in the Prospectus?

- statement [15] is immediately followed by a 'save for' qualification to 'Financial Position' (p 52) repeating that " a material uncertainty exists due to an absence of a historical track record relating to IM transactions being facilitated by the Platform, the Group generating the full range of fees from the use of the Platform and the Group being cash flow positive that may cast significant doubt on the Group's and the Company's ability to continue as a going concern. The statutory auditor's opinion is not qualified or modified in respect of this matter, and contained the following under the heading "Material uncertainty relating to going concern": "We draw your attention to note 2 which indicates the existence of uncertainties in relation to assumptions about future trading [ie IM volumes] that support the going concern basis of preparation. As stated in note 2, these events or conditions, along with other matters as set forth in note 2 indicate that a material uncertainty exists that may cast significant doubt on the Group’s and company’s ability to continue as a going concern. Our opinion is not modified in respect of this matter."

The auditor's comment was made as at 31 May 2022; assurances of the Company were doubtless made in good faith and in the expectation that there would be a flurry of IMs after the first in Sept 2022. However, we now know (8 months after the auditor 12 month view) that this faith was misplaced, which legitimately calls into question the Board assurance and the reliance one can place on it.

AFAICS

It appears not. From the NANO RNS

Litigation Funder - GLS Capital LLC

The litigation against Samsung was funded by GLS Capital LLC of Chicago and the GLS team was led Adam Gill.

GLS Capital is a commercial litigation finance firm with more than $500 million under management. Founded by litigation finance industry veterans, GLS focuses on investments in complex commercial litigation and arbitration, patent infringement litigation, and life sciences litigation. GLS prides itself on decision-making speed and the pace of its investment process. Armed with a broad investment mandate and fully discretionary capital, all investment decisions are made internally by the GLS investment committee, which provides certainty and transparency for counterparties throughout the investment lifecycle. More information about GLS Capital can be found at www.glscap.com .

https://www.reuters.com/world/philippines-grants-us-greater-access-bases-amid-china-concerns-2023-02-02/

Can't hurt the mood music....and I imagine will give the various US defense contractors a chance to look at what SRT's platform can do.....

GLA

'Attention seeker'? This from the man with 476 posts to his (cough) 'credit' in the last 30 days on lse...and a further uncounted number on advfn...

Regulatory capture?
See https://www.bmj.com/content/377/bmj.o1538
.. industry money permeates the globe’s leading regulators, raising questions about their independence, especially in the wake of a string of drug and device scandals....
... for decades academics have raised questions about the influence funding has on regulatory decisions—including opioids, Alzheimer’s drugs, influenza antivirals, pelvic mesh, joint prostheses, breast and contraceptive implants, cardiac stents, and pacemakers...
..most regulatory agencies do not undertake their own assessment of individual patient data, but rather rely on summaries prepared by the drug sponsor....

Revolving door?
.."A “revolving door” has seen many agency officials end up working or consulting for the same companies they regulated.
At the FDA, generally regarded as the world’s premier regulator, nine out of 10 of its past commissioners between 2006 and 2019 went on to secure roles linked with pharmaceutical companies,24 and its 11th and most recent, Stephen Hahn, is working for Flagship Pioneering, a company that acts as an incubator for new biopharmaceutical companies....
...One study found more than a quarter of the FDA employees who approved cancer and haematology drugs between 2001 and 2010 left the agency and now work or consult for pharmaceutical companies....

...Beyond the FDA, Ian Hudson, chief executive of the UK’s MHRA between 2013 and 2019, now serves on the board of biotech company Sensyne Health and is a senior adviser for the Bill and Melinda Gates Foundation. Before joining the MHRA, Hudson held various senior roles at pharmaceutical giant SmithKline Beecham....

Of interest/relevance to HVO :
..one crucial step is for the FDA to re-examine its approach to expedited approvals .. greater assurances are needed that the endpoints selected truly are “reasonably likely” to predict clinical benefit, as the FDA’s accelerated approval standard requires. For expedited drugs, “you also need to make sure that a confirmatory trial is underway at the time of approval, so that it can be completed in a timely fashion......

'Ideas; events; people'

If you invest in an oilco, you look at the co itself; at the competition; at the environment in which it operates; and take account of things like supply/ demand, regulatory issues (eg climate change concerns), etc

‘Ideas; events; people’

PS see (4), para 2

I’m not Winnifroth.
I’ve never made any conspiracy allegations against Friel.
I hold HVO and POLB longterm and have ( only occasionally) taken out short- term spread-bets, at times when I've considered the s/p undervalued.

A bad case of ass-u-me, I’m sorry to say.

Hi all,

Somewhat surprised at the knee-jerk reaction here.
(1) I'm long HVO and POLB and only occasionally spread-bet (and always long).
(2) I believe in their business model but am not uncritical about the pharma industry and the regulatory, reputational and other risks that it has.
(3) A brief look at https://en.wikipedia.org/wiki/Thalidomide and https://en.wikipedia.org/wiki/Thalidomide_scandal will/may educate anyone interested about some of these risks.
Thalidomide is a 'poster child' illustration of a double-edged pharmaceutical sword : an invaluable medicine for treatment of certain conditions that turned out to have unforeseen side-effects. It's on the WHO list of Essential Medicines and is still in widespread use today.
(4) The scandal - ignoring and down-playing signs that it has unfortunate teratogenic side-effects led to a tightening up of the regulatory approval process.
This 'abundance of caution' is or should be 'good news' for a CRO with CHIM capability such as HVO, which offers the prospect of accelerating drug development/approval timelines.
(5) However, there appears to be mounting evidence that the recent MRNA vaccines MAY have unwelcome and unintended side-effects including reduction in fertility levels, rising incidence of myocarditis or pericarditis in otherwise healthy individuals and - ironically - an eventual compromising of the immune system, leading to a case of 'diminishing returns' on their effectiveness.
(6) Instead of being ahead of the curve - as they were at the time of thalidomide - the regulators now seem to be behind - possible 'regulatory capture' ? and aren't being as forthcoming with the data as one might expect. If anything, the opposite.
There's an interesting disagreement between Han**** (then Min of Health) and MHRA as to which actually 'approved' the vaccine - each now says ' the other'...
An FOI response dated 11 Jan 2023 :
.."We include your original questions in blue italicised text, and our responses in black text.
Q: The Human Medicines Regulations define the Licensing Authority as the Secretary of State for Health & Social Care. Please can you send me the MHRA document describing the flow of delegation from the SofS to posts/people in MHRA who can authorise medicines for public use.
A: All the Covid vaccines and therapeutics authorisation decisions were taken by the Licensing Minister and were not delegated..."
Whereas Han**** said at the time :https://www.thesun.co.uk/news/13356674/covid-19-pfizer-vaccine-roll-out
.."the Joint Committee on Vaccine and Immunisation (JCVI) would set out its priority list later today.He said: "This is fantastic news. The MHRA, the fiercely independent regulator, has clinically authorised the vaccine for rollout. The NHS stands ready to make that happen."

Success has many fathers. Failure is an orphan. IMO
DYOR

While the jury is still out on the relative contribution of Covid policies and Covid vaccines to the rising excess death rates now being more widely reported by the media, folk are starting to deal with the practical consequences.

https://www.lcp.uk.com/media-centre/2023/02/life-expectancy-assumptions-could-fall-by-6-months-if-cmi-proposals-adopted/

CMI=Continuous Mortality Investigation

"The CMI has issued its consultation to help shape the next version of its mortality projection model, which is used by the majority of pension scheme trustees and sponsors in setting their funding and accounting assumptions. The consultation focuses on how to respond to the very high mortality rates seen in England & Wales over 2022, to which the model is calibrated.

The CMI believe mortality in 2022 may be indicative of future mortality to some extent, unlike the exceptional mortality seen in 2020 and 2021 during the peak of the pandemic.

The key proposal is to give 25% weight to the 2022 mortality data. In the coming years, the CMI plan to steadily increase the weight on mortality data until around 2025, by which time it expects a clearer indication of mortality trends of the future. The CMI also intend to update the model to use the latest population estimates based on the 2021 Census..."

I guess that would be a 'naked long', then...

;->

Hi Havoc,

Thanks for holding the fort and I agree the likelihood of 'contributor overlap'. Hopefully, it'll all come out in the wash.

I've been away much of the last 4-6 weeks, mainly in Turkey and Spain, so haven't been following things closely. The behaviour seems to be getting more brazen.

ATB

Maybe you'll find the answers here, TAG's new business venture :

hxxps://www.route-crypto-training.com {website not running atm]
https://www.linkedin.com/company/route-crypto-training/

"Today, after more than a year of work "behind the scenes", The Crypto Gateway launches a new project, in collaboration with MFG Consulting of Maurizio Camponovo, active for decades in the banking training sector, and other institutional partners, including Kilpatrick, Lombard Network Group and the AvantGarde Group.

The project aims to train a target of professionals on the crypto sector such as Private Banking Consultants, Financial Advisors, Wealth Managers, Family Offices, Social Security Consultants, as well as staff of banks and similar institutions.

It is a specific and targeted training package, built on their needs: knowing how to answer customer questions and know the fundamentals behind Bitcoin, Blockchain and Cryptocurrencies, through extremely specific, punctual, short-lived and straight to the point content.

Within the various training packages (there are various bands, depending on the needs), there are:

- Video courses divided into 8 basic modules + 8 advanced modules, each of which is divided into 5 sub-modules of about 5 minutes each. Video courses consist of animated videos, in infographic style, with voiceover.
- Supplementary cards: downloadable, printable and searchable support anywhere containing the most important concepts of the videos
- FAQ: a repository of frequently asked questions, always available on the fly
- Glossary: a real vocabulary of the most used terms, produced internally in an original way
- Database of news and institutional documents: collection of useful documentation to stay up to date with the latest news and regulations, filtered to avoid unnecessary noise

As the industry moves at a certain speed, content will be periodically updated with new modules, new documents, glossary enrichment and new material.

The goal is to give a complete, flexible, digestible and innovative training tool to users who, at a time when European and world regulations are approaching, need it more than ever in order not to be left behind and be cut off.

If you want to deepen the character and content, you can find everything on ROUTE Crypto Training, and you can contact us without obligation at the addresses you find on the project website for any questions, in-depth studies or to view a demo of the product.

If, on the other hand, you work in a bank or in a company that you think may need it as internal training... run and tell your boss!!

We are convinced that mass adoption also (if not especially) passes through the formation of companies and institutions, and we want to concretely do our part also in this area."

AZ obviously has time on his hands...

.."On No, Silverhorse the day trading nutter has arrived back in town with his Wild West predictions!!!!!!.."

So you post "Hopefully news coming soon on Polb-001?.." and another poster quantifies what that might mean ...and you then post the above reaction?

Look at yourself in the mirror - and then at your own daily posts, man!
Pathetic.

.."There is a duty of care /responsibility held by company directors which requires them to live up to a certain standard of care. This duty—which is both ethical and legal—requires them to make decisions in good faith and in a reasonably prudent manner. .."
Fine words, Savvy, but - hand on heart - do you think, from what you've experienced, that SYME's BoD have acted in accordance with those noble aspirations?

.."Would you work for a business if you believed it was failing? No matter what the money is If could not see a future I’d be gone. Do you want a failed business on your CV?.."

That's judging others by your own standards, which is - with respect- maybe a bit naive : (1) a lot of folk are content to do the minimum and cash the cheques. (2)- as a minion - people may take an eventual hit on the CV almost as a 'battle honour' : some American businesses used, famously/infamously, only to promote divorced executives, on the rationale that they'd evidently placed company above family.

The business world can be a very cut-throat and uncivilized environment, in my (thankfully limited) experience.

GL and ATB

Down 5% on the day and 56% on the year, caught up in the general cryptocurrency malaise.

PS, I'm agnostic as to whether this development would be positive or negative for HVO, as a shareholder I obv hope the former. But sentiment isn't a good basis for investment.

Q422 is the first time that HVO has reported more than 4 customers generating £1m+ per quarter, I'd say that was a fair bit of concentration.
Pfizer is name-checked on p 15 of last night's presentation for its endorsement of HVO's human viral challenge model. Mo said that this would help in marketing HVO's services. I'd say that's relevant (reputational risk, anyone?).

I'm just a messenger, guys. I said' consider the source'. But I also invited folk to look at the footage for themselves.

ATB

Have you looked at the footage?

Thanks for this: Zak's target 11p by end of next month, per the tea leaves.
My view of chartists is that they're OK for analysing historic sentiment and then extrapolating ('history rhymes, etc), but are of less value in a binary situation such as ZIOC's.
Not complaining, though: 'every little helps'.

IMO, DYOR etc etc

Wow!
I'd tabled a Q last night that wasn't picked up (fair enough, it was a hypothetical) about what possible 'Black swan event' might change the outlook for HVO .
Today, we learn of something that might be so described.

It appears that Pfizer (HVO's key customer) may have been playing around with 'gain of function' - rebranded as 'directed evolution'- as a business model.

Disclaimer : The video footage has come from a right-wing source and so far only picked up mainstream by the Daily Mail, so 'consider the source' but it's pretty astonishing viewing.

Project Veritas released a new video on Wednesday that shows a man the activist group claims is Jordon Trishton Walker, a Pfizer Director of Research and Development.

Walker, whose LinkedIn page appears to have been deleted [ but he appears in Pfizer's organogram], begs the journalist not to tell anyone and then shares that the way they would mutate the virus would be by infecting monkeys.

'One of the things we [Pfizer] are exploring is like, why don't we just mutate it [COVID] ourselves so we could create -- preemptively develop new vaccines, right? So, we have to do that. If we're gonna do that though, there's a risk of like, as you could imagine -- no one wants to be having a pharma company mutating f--king viruses,' Walker said.

https://www.dailymail.co.uk/news/article-11678281/Undercover-footage-reveals-Pfizer-exploring-manipulating-COVID-make-potent.html

On the face of it, this development could be damaging for Pfizer specifically and the whole pharma 'business model' generally.
Not clear whether it would be positive or negative for lil' ol' HVO , though.

NAI, DYOR etc etc

Thanks for your advice. I take it from your comments that you're not invested in ZIOC (or if you were, have sold).
If we follow your advice and sell ZIOC, where would you suggest I (we) invest instead, given your market views?
'Asking for a friend'.