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PI's experience here and those looking at the bio-tech sector, is going to make fund raising extremely difficult from small investors. The risks can be overwhelming as some are seeing here.

Taverham, I share your cynicism. OF have charges over the company's IP's ( why oh why DP and co agreed too that, only displays a kind of desparation or complete ignorance of Funding models).
Merck have important interests, which from what we now know, what are the terms 4D agreed? It is difficult to see MSD allowing a 3rd party to elbow in ( bidding war) should the Administrators be persuaded otherwise.

I certainly agree with Phil..., should the company emerge from Administration, there is NO way the current CEO and CFO can continue in post. That prospect may not be in the gift of existing shareholders but remaining Creditors who are persauded to continue support of 4D.

What the hell the CFO has been doing since appointment in January, apart from drawing a handsome pay cheque, Lord alone knows.

Trent looking at BB's there is concern the hospitality sector is not going to recover as thought, could actually be some dramatic fall-backs if the economy continues to retract. Consumers seem to be looking at a dire autumn and winter.
MAB are at a year's low, and Mars is struggling to stay above 50p

Correction the 2 week period following Adminsitration is fundamental, as after that time the Administrator accepts an employee's ongoing status. It is not as straightforward as I at first thought, for this reason, the Administrators will want to protect the integrity of ongoing science work and therfore retain key workers.

Sang it is a mute point whether Bankruptcy will follow as Administrators, even though they have a duty in 4D's case, to retrieve money loaned by Oxford, they should endeavour to keep the company going. This could involve a sale of what is left, to a 3rd party. In such a situation existing shareholders would be left with nothing.

AS I understand whilst the company is in Administration, salaried staff who have valid Contracts of employment, will continue to enjoy those terms. They can be made redundant and have statutory rights. Any redundancy must comply with regulations.
If the company goes into insolvency, the situation would be very different, Employees would be discharged immediately without pay. It all depends how much cash is in the Bank.

Not sure how Execs are handled, should hve their salaries suspended as how can they work when Administrators are in control?

It is folly to believe OF pulled the plug without having gone through formal protocols that any lender/borrower would be contracted to observe. 4D's Execs would have been aware some weeks ago the threat Oxford were about to unleash.
If Duncan claims he trusted OF and had other funding streams to tap, why make the hastily arranged presentation, which was nothing more than a last minute attempt to influence what was about to hit the Company. THe presentation was an act of desparation as signified by the appalling inabilty to answer straightforward questions.

CEO's and CFO's who act in such a way are not worthy of their position.

Administrators were appointed by Oxford, and are charged to retrieve Loans and charges contractually due the Funder.
DP and Co are attempting to appoint a Joint Administrator. It is conjecture how the Court will view the application after Oxford's appointees have been approved. The company's application only serves to confirm what an inept style of management exists within 4D.

Traders do well with JOG...ups and downs like a roller coaster

Any comparison with JOG is spurious. JOG is trying to resurect and Old Oil field that BP developed and left many years ago. JOG need a partner (FO) with deep pockets ( estimated costs of $1billion) . Equinor, with it's vast experience, walked away from GBA almost 2 years ago.
DELT do have 2 majors as partners, both will be drilling this year.

Our Team(BOD) is like Accrington Stanley playing a Premier League team, when it comes to finance management.
DP and Co are way out of their depth..period

KD have a little humanity. There are some here who have invested their life savings and now feel destitute.
Do you really beleive incompetent/deceitful Directors should be allowed to get away scot-free?

As for me I accepted the loss last Friday. My golden rule which I have repeated on different Boards where I am invested, "Never, but never invest more than you are prepared to lose"

If you do'nt like the posts, do'nt read this Board.

When the Administrator mentions " Insolvency" that should send a shudder down every shareholder's nervious system.

Exactly Barchid. I am a bit miffed to know the basis for the options. If performance, the SP does not lend itself to added value for Shareholders.
The award of options is often an emotive subject...Execs feeing themselves and too hell with PI's!

Just my opinion.

Incompetence is not illegal, but remember when it comes to Civil Cases, does build a picture of management not discharging it's duties towards Shareholders.

A Group action should note a similar claim against Neil Woodford has been rumbling on for 3 years.

I found it incredible to see EVERY resolution pass with more than 90% in favour. The big holders clearly support DP and Co, maybe they are in on some kind of plan?
Woodford did the dirty on his many fund holders, many of his entities were sold off cheaply including 4D. Is history repeating itself?
Neil Woodford is enjoying life having left investors destitute.

Another kick in the goolies for Duncan. How much more can he take?
For the sake of his health he'd best step down!

Suspect under pressure from Oxford, the Administrators will sell to some "Vulture" who knows the value of IP's, at a rediculous value. Remember the Loan, arrears and charges are attracting a premium interest charge on a daily basis, which is compounded. The overall debt could soon sky-rocket.

The Biotech Bear market is one thing, Health problems Old and New are not going to disappear. Astute well run companies will have planned for the " rainy days". 4D have not but relied on some kind of notion Funders would fall out of the sky. Oxford clearly had no confidence in DP and Co. What signal does this send to other Institutions?

Quite right Barchid. The Old guard ( us) have better knowledge and memory of the way Marstons have been managed.
Even though there were signs Andreas would be a " new broom" , am yet to be convinced.

Hope I am wrong, but cannot see the SP returning too 100p anytime soon, which makes the Platinum offer fantastic.

Hindsight is a wonderful thing

The remuneration committee ( back-scratching group) approved an increase from 1st July 2021 of 164% for the CEO, phased over 2 years. Quite incredible in light of events.

Now DP admits he did not know financial markets would be so challenging. Is this what shareholders pay £264K pa?
If Duncan did not know how to negotiate New funding, was the New CFO ( apptd January 22) consulted or was the post holder asleep on the job?
How ever ordinary PI's view it is an organisation best managed by Fred Karno.

IF we return from Administration, there is NO way the existing Exec team should be allowed to continue as any Funder will ridicule the Company. We need astute, wise money people who know thier way around the Finance markets otherwise 4D is doomed.
Sorry but that is the harsh reality as I see it.

AIMO

Phil, protocols required the Lender to issue a Warning Notice at least 28 days before action to recover the debt could be demanded.
As mentioned any Legal action requires factual evidence, a charge of incompetence will not stand up for a Claim to succeed.
Evidence to consider is failure to inform Shareholders and the Market of matters that would materialy affect the Share price, i.e was the issuance of a Warning Notice, published? This in itself will be evidence to prove deceit.

I have a gut feeling our Friends over the pond are more involved than we know.