Member Info for ForFXSake

With regards to warrants, I remember seeing something odd in the placing RNS which I didn't fully understand but which appeared to pertain to NED warrants. Does this mean that any NED warrants which were due to expire have been extended for 7 months?

"The Directors believe it to be in the best interests of the Company and its members as a whole if additional authorities are obtained for the purposes of implementing the Placing and to ensure sufficient authority is maintained in respect to the NED Warrants. The Board does not believe it would be an efficient use of the Company's existing cash resources, and the net proceeds of the Placing, to prepare and publish a prospectus in order to complete a larger fundraising than that currently proposed.

You will therefore find set out at the end of this Circular, a notice convening the General Meeting to be held on 29 March 2021 at 10:00 a.m. at which the Resolutions will be proposed for the purpose of implementing the Placing. Please note that the Placing will only proceed if the Resolutions are passed.

Resolution 1, which will be proposed as an ordinary resolution and which is conditional upon the Placing Agreement becoming unconditional and not being terminated in accordance with its terms, is to authorise the Directors to allot the Placing Shares in connection with the Placing and otherwise to ensure sufficient authority is maintained in respect to the NED Warrants, provided that such authority shall expire on the date falling 7 months after the date of the resolution or on the date of the next annual general meeting of the Company, whichever is the earlier.

Resolution 2, which will be proposed as a special resolution and which is conditional upon the passing of Resolution 1 and the Placing Agreement becoming unconditional and not being terminated in accordance with its terms, disapplies Shareholders' statutory pre-emption rights in relation to the issue of the Placing Shares pursuant to the Placing and to ensure sufficient authority is maintained in respect to the NED Warrants, provided that such authority shall expire on the date falling 7 months after the date of the resolution or on the date of the next annual general meeting of the Company, whichever is the earlier."

Yes, Sparkington. Ignorance was bliss for us LTH's back then.

It would be nice to know DG's position. Mystery still surrounds that single notifiable transaction that we all thought was a buy because of it's specific size. Based on yesterday's dummy trade though it might well have been another sleight of hand to try fool people into thinking the coast was clear.

The only one who appears to be upset and chucking dollies around is you, Kane.

The rest of us were engaged in reasonable, adult debate, where we all share our different opinions regardless of whether we agree or not. It's called free speech. We also don't really have to tell each other to shut up or "fek off" (as you so eloquently put it) because this site offers a filter function.

So, you can simply switch me off. You don't have to have a hissy and storm off, it's really not necessary.

PS. My average is about 4.5p, so it's not too far off really. The problem is that with all this pumping and dumping and lack of progress, it might as well be £1 because no shareholder value has been added since 2019.

Twitter 15 May:
"The current valuation of £13mln at 2.4p a share reveals the credibility gap is yet to be bridged"

Sorry Kane, what were you saying?

It says alot when people seem to be more concerned with big sellers being out than big buyers getting in.

Still waiting for that piece of news that will eradicate my growing fears that this has all just been one big ponzi scheme.

That sucker trade caused quite a stir yesterday. Flat as a millpond this morning.

We certainly do deserve some good news.

However, in the absence of that (news) and in light of the fact that the rising volume appears to have as much dumping as it does buying, my guess is that 'that' 734862 trade that everyone is getting excited about on twitter was just another deceitful trick to tfool people into thinking that the seller is out so that they can continue to offload at the best price possible..

"I see old Miles sold out last week."

What a surprise! I was so looking forward to the coverage we were promised.

"I'm finding the silence since March very annoying. Basically stating that they agreed to the deal made in September 2020 - so why the delay? "

Ditto. I know it's fashionable, all of a sudden, to declare financial details as 'undisclosed'. I just hope they haven't decided to apply that as a blanket policy for news as well (like in the case of the 'undisclosed' result of the Innovate grant).

For anyone who cares, I just ran a test quote to see if there is any liquidity and it appears that they will take up to 1.2m shares off your hands for around 2.2p at the moment.

" It would be nice to steadily rise and in 8-12 months a big pharma deal could propel this to another value level. That’s my thinking/strategy anyway"

That was pretty much my strategy when I entered over 18 months ago. It hasn't gone anywhere other than in the opposite direction so far.

As ever with this company, I'll believe it when I see it.

0 bagger!

My guess is that the price will probably start drop again, to entice them back in.

The market is dead as dodo for sellers.

I just tested sell in my SIPP and couldn't even get a quote for 20,000...that £460!!

I think they just wait for someone to say the immortal words "Seller's out!" as a bit of sport.

He might be busy working for his new client

That all seems reasonable to me BD1.

I agree with Soup, each deal is unique so it's difficult to gauge exactly how long it should take

However, we do know that Oxilio had 6 months to evaluate and prepare prior to the 8 weeks you speak of. They are not fools and will know what the product is eventually worth and they must have had a pretty good idea that funds were available to take things forward. Time is money so they must be keen to get going too. So what could be causing a delay?

Perhaps it is simply the fact that we are only just getting back to normal and face to face meetings are still not happening like they did before. This could affect both negotiations and legal proceedings.

It could also be that Anne has re-assessed the terms of the deal and wants something different. When it was first revealed, this deal was an afterthought. It was not how we intended to market NXP001 and it did not get in the way of us continuing to try and tout it as a CINV product. It was easy money for a punt which wouldn't distract from all the other wonderful things we had going on with Ebers, Vistagen, Asia (NXP002) etc... Unfortunately things have changed. All the good stuff has now evaporated and I'm sure Anne will not be happy that she was the one who had to break the bad news on her watch. A good deal with Oxilio is very important now. Anne needs the win, the company needs the money, it is the only (almost) solid thing that we have now. Anne knows that and will hopefully be keen to get the best deal possible.

Third and final thought is that it may have already fallen through and (true to form) we're now going to be kept dangling and told that discussions are still on going until the next board arrives in 12 months...just kidding!

I hope so too BD1

"Possibly, but as the payment has moved to 'undisclosed' this owuld imply that Oxilio doesnt want the value made public".

There is also the possibility that our own board wouldn't want to make it public either...in the event that it is not that significant.

A lot of trust was lost by the old board which the new board needs to address. Hiding sums of money which might otherwise add some much needed value to our shareprice is not going to achieve that.