Member Info for ForFXSake

I was already resigned to that Soup. No reason we can't discuss it though.

Thanks for the suggestion Soup. Unfortunately, like you, I will be too far away and can't break current commitments.

I do see the arguments for progressing NXP004 Mars, the question is whether or not we have the stability to wait for that to happen. It is all down to Maddy and Julian now. They are part time NED's who are probably working for others and whose priorities could shift at any time.

I would feel alot better if we either had news that the team had been strengthened enough to absorb or dispel the risk of future personnel shocks or that we were at least talking to interested partners.

The price is still 0.35p, almost 10 times lower than when Brindley took the reigns.

OK, so they've tried to take the sting out of Brindley & Riddells failure to deliver the full data package that was promised for the end of last year (plus the damage that both departures have done), by using encouraging words but it's still just warm air at present. We are still in a worse position than we were before Riddell's last RNS came out. We now have to wait for the durability tests to be done all over again.

Nothing has changed and we're not even talking to AZ yet, why? Is there any form of discussion going on? What has Gooding been doing since he started being paid as a BD consultant?

"This work will direct and support future out-licensing discussions for NXP004. I look forward to providing further updates in due course as we progress."

So have they even spoken to AZ yet or are we now looking to open discussions with the competition because they haven't come to the table?

You're quite right Mars, we don't want another deadhead running the company further into the ground. What we do want is a board that looks solid and gives confidence to both investors and potential partners alike. Someone who start pushing the value back to a reasonable level.

If we stay as we are the price will remain depressed and we will remain vulnerable to a cheap takeout.

Do you really want to achieve nothing more than take all the risk by funding these products to the point where someone else is tempted to take them into private ownership for a pittance? I don't.

Thanks Soup, I'm glad they've fixed that.

"I’d take this update over a board appointment any day of the week. It shows clear strategy regardless of who is in charge"

For all we know, Gilbert could be at the end of his tether and might regard this as his last commitment before resigning tomorrow and going off to take up a dream job opportunity in lion taming or something.

It's worth nothing without stability.

Agreed Jiving.

It's good to see they've moved quickly on the testing but the management is the real concern now. We need to know that we have a stable BoD in place that is genuinely looking after the interests of all shareholders, otherwise nothing changes.

Hopefully,more news on that very soon.

I'd say there was considerable debt to the shareholders.

It just seems odd to me that there are less hoops to jump through for a listed company than there are for a private one when it comes to director replacement...especially where potentially blockbuster ip is concerned.

Soup, If that sudsidiary company holds the IP, should it not have been the priority?

If they do hold the IP Mars, then why is an ex-employee who has disappeared with immediate effect under circumstances that we are not aware of (and could, for all we know, be strained) be allowed to stay at the helm of the subsidiary that holds the most valuable assets that this company has?

"FX, on the companies house side, it’s the company secretary who submits the TM01 form notifying of a resignation. They have a period of time to do this after the actual date of leaving."

If the company secretary filed a TM01 in quick time for the plc then you would have expected them to do the same for Nuformix technologies, would you not?

If there was any kind of bad feeling surrounding AR's departure then surely you would expect them to remove him as a director of a subsidiary ASAP. He is the only director there!

So my question is why has nobody replaced him at Nuformix Technologies. What is so important about Nuformix Technologies that it couldn't just be closed down after the plc came into effect? The fact that they haven't rushed to replace him suggests that he still serves a purpose at Technologies and that his departure is not as 'out of the blue as it first appears.

Why?

"As I’ve said before, we know
NXP001 is going in for clinical trials soon with milestone to be paid to NFX - source of income
NXP002 is going back into CRO with new formulation
NXP004 is moving into drug development stage
£900k cash in bank at end of March
Income from Lanstead since March circa £125,000 (my calcs)"

Yes, we should be looking to the future but none of it is going to benefit us if we don't have a committed board that is interested in taking things forward via the plc route.

In fairness Soup, I included Chorlton in that list (not Jones). He was director of Nuformix Technologies until November 2020. That makes 9 by my count:

Tapolczay, Chorlton, Lidgey, Gooding, Blackwell, Keegan, Holland, Brindley & Riddell. There is also Kirk Siderman-Wolters to consider, who left without much explanation in September 2019, if we're going to split hairs.

I don't take pleasure in clashing horns with fellow investors who are in the same boat. I am not trying to exaggerate. To the best of my knowledge all 9 were directors who resigned in the given time frame. To be honest, the circumstances of their departures have been vague or didn't really add up, so I discount none of them.

That said, what do you make of the fact that Riddell hasn't resigned from Nuformix Technologies, yet was quickly removed from the plc. His sudden departure didn't give the impression that it was amicable, otherwise he would have stayed to handover, right?. So, why is he still a director at Technologies?

It's a shame that you think that I'm being insincere.

Anyway, on another point. It's interesting to see that Riddell has resigned from Nuformix Plc but not from Nuformix Technologies.

https://find-and-update.company-information.service.gov.uk/company/06407331/officers

I wonder if he's forgot

What other companies do you know of that have lost 9 or more directors since the start of 2020?

OK. Can they do that if no one is running it?

We have 2 part time NED's left. We've lost a raft of execs.

Chances are that if Brindley, Riddell, Blackwell, Gooding and others wanted out, these might too. If they go and no one is left to run it then do you think it's still a going concern?