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Ruck the reply was limited to thanking me for contacting them and "we are strong supportors of minority shareholders and Scancell but as a large shareholder and board member we can't comment on our views or voting." That was it.
Well I finally got a reply from Vulpes to my email request for their reasons for voting against the CLN resolution. To late to make any difference or influence my vote as it came this morning and played it with a straight bat as expected. Did not give anything away other than to say they are strong supports of minority shareholders and Scancell but as a large shareholder and board member we can't comment on views or voting.
In the notice for the Open Offer and CLN issued it was stated Ex-entitlement Date 8:00 a.m. on 13 October 2020. How could Vulpes convert their loan notes and add these to there vote if they were converted after the ex entitlement date. They didn't exist when the circular was issued?
I have emailed Vulpes to ask why they voted against the resolution and asked if they want me to support a no vote to provide a reason why I should vote against CLN funding.
info@vulpesinvest.com
See if I get a reply I will not hold my breath.
I have a question if anyone knows the answer. What happens with those shares traded after the vote to new owners if they had already voted for the motion? Do they get knocked off the yes vote and does the new owner have to vote again? Likewise for those that were voted against.
If Vulpes wanted to block this could they buy more shares on the open market to vote no. Likewise Redmile could buy more to vote yes. Or even the BOD!
It would be nice to see a holdings RNS or two today or Monday to add a bit of spice.
Ray
You are correct if none of the no votes swap sides the maximum yes vote will be just over 81.5%. We know there are shareholders that can't vote held overseas and those held in nominee accounts that are not even aware of the vote as they have not looked in to their Corporate Actions. As rough guide I estimate for every 1 vote against you will need 4 votes for. With a minimum of around 110m extra votes being cast to make up the estimated 5% current shortfall and cover for any extra no votes. It will be very close IMO. What a mess.
Mia
The more votes cast the higher the number required to get above 75%. If 600m vote you would need over 450m in favour. This for me is why this is not a done deal for every vote against drives up the number that must vote for. Like it or not there will be people who will now add to the vote against this.
For me the Chairman should be held to account how can you seriously go into such a serious vote not knowing you will get this through. The Chairman of the BOD should resign or be replaced with serious questions over the CEO. IMO
Rats, Knowlesi posted this "Worrying that we have a post allegedly from the chief scientific officer to a now permanently banned poster here saying "please vote" - whether true or not it cannot be verified and shouldn't be posted here." It was posted by Inan on ADVFN.
You really do have to ask questions of the BOD on not getting this through on first vote they had no clear plan. They would have known Vulpes were circling to vote against. Surely they should have moved sooner to rally support with better communication on what the cash would be used for. They have not got the answer they wanted with a pass of resolutions so they delay and ask the question again until they get the answer they want. Seems a bit like the Teresa May Government keep asking the same question until you get the answer you want. Badly managed IMO and clearly points to certain BOD members not up to the job specifically the CEO and Chairman. Long term I do think this will come good but it wouldn't be SCLP without some pain along the way.
KonarA your 16:12 "If the upshot of this is that the BoD need to come begging the PIs for votes, maybe they will start to take us all a bit more seriously. Yes probably for the next few days and then we will be forgotten again. Most BOD's see Pi as a pain. However for now it appears PI are needed to get this over the line. IMO
Ruck. 51% would be a big issue as they could then get virtually anything the want through as they would control the majority voting rights, that would mean the BOD and everyone else would be minority share holders. Whatever they do in the future they need the BOD on side especially LD most of the others do not really matter and can be replaced. But not the CSO. IMO
Ruck you say "What's to stop Redmile converting the August CLN's, getting to 30% and buying the company for 17p/share (highest price the last 12 months)?" It's not the highest price the shares have closed at, it is the highest price the holder with 30% paid, at the moment that would likely be 13p. They would only be compelled to offer their best price nobody has to accept it so it is not a worry for me. Hypothetically only at 90% holding can they compulsory purchase the remaining 10% of shares. To get to 90% they would have to buy at much higher prices than today. If they want the whole Company it will only increase the share price as they buy on the open market. There are various other trigger levels between 30% and 90% holdings where things have to happen be offered. IMO the biggest danger is Redmile get enough to delist the Company, I don't see that happening thou.
Barb, sorry you are incorrect. Extract from the RNS you can revoke. "Proxies already submitted for the General Meeting remain valid for the adjourned meeting unless otherwise revoked prior to 10:00 a.m. on 3 November 2020."
Remember it is not just 5% more shares in favour to get this over the line approx 37m. There is 41% of shares that did not vote from that 41% or anyone who has already voted that changes their mind they must be matched with votes for plus 37m extra on top. If 10m shares extra vote against they would need 47m shares to vote in favour and so on. This is not a done deal every vote counts either way IMO. Do not just focus on getting 37m over the line.