Member Info for ForFXSake

Regarding those with the huge financial incentives to maximise shareholders value, how did that work out? Did they get removed or did they just quit for their own reasons? I don't know for sure.

There hasn't been much difference between those with skin in the game and those without, as far as I can tell.

I think the key thing to do with the auditor situation is to keep an eye on the filings page Soup posted yesterday.

It said that the actual document will be available after processing (10days). If, when it appears, the document states something similar to what was said in the last resignation document (14th May 2019) e.g: "There are no circumstances which we feel should be brought to the attention of members or creditors" then there should be nothing to worry about.

I'm definitely no fan of Bunter. I'm no fan of the EU either. They're just as toothless. Macron's little sit down with Putin showed that weakness. He might as well have been sat in Paris on the telephone as be sat at the other end of that table.

As far as I'm concerned it's not our fight and we don't need another war unless he attacks a NATO ally.

Anyway, I refuse to get dragged into politics any further. Weve enough to be disgruntled about here already.

We've been allowing them that excuse since the end of 2019 Mars. If they really need a BDD then I don't think much progress will have been made on deals just yet.

I would just like the durability results in so we at least know we have full and complete data package. Then it can no longer be the fly in the ointment that gives someone an excuse to give NXP002 away under ridiculously poor terms for shareholders.

As for Putin, old BJ could probably do some damage by freezing all the Russian money and assets in London. Vlad and his pals seem to like the finer things in life. They might come back to their senses if they're deprived of them.
I suppose whether or not that happens all depends on how much City corruption could be exposed in the process.

Makes sense. If they've done it before then hopefully it's just something similar.

Found this online but not really sure what the legalese means:

https://www.legislation.gov.uk/ukpga/2006/46/part/16/chapter/4/crossheading/resignation-of-auditor#:~:text=(1)An%20auditor%20of%20a,statement%20required%20by%20section%20519.

Roughly sounds like if the auditor left due to having concerns then they would raise a formal requisition to force the directors to bring certain details to the attention of members (I assume that means shareholders) at a general meeting. It seems there are penalties for not doing so.

If the auditor is an individual then it could be for any reason e.g. Ill health, retirement, boredom etc.. as well as potentially unspeakable ones.

As usual, we'll just have to wait and see. It would be a pretty poor show if it turns out to be something untoward which didn't register on Lanstead's due diligence.

I can't see how an auditor would resign before a company is sold on, unless they have to formally do it so as not to be obliged to the parent company after takeover.

Where did you read that Soup?

They filed a new patent application back on 12th November last year, which they said they'd do if they got good data.

That was over 3 months ago. Surely the originator has been contacted and has had a chance to review and respond by now.

"It’ll be just our luck that NFX announces the day Putin kicks off WW3"

Nah, We're not even that lucky!

It doesn't specifically mention CINV, unlike the Nuformix press-release. Is it possibly a separate agreement for the oncology side....or is CINV just a dirty phrase these days?

Meanwhile, back on the NFX ranch, it's another day of sweet FA! I wonder what's holding up our durability report and recruitment process?

Sorry to hear you've lost out AJ.

It's pretty devastating when it goes wrong with biotech companies.

I didn't say a word! :0)

If only we had a Business Development Director and CEO....oh and the complete data package that Brindley was supposed to deliver before she left

There appears to have been a few things have spun out differently to what was said in some of those notes.

This excerpt from the one in March 2020 (just before the Oxilio deal was signed) doesn't seem to support last weeks news that NXP001 CINV was parcelled into the license agreement (assuming that CINV qualifies as oncology supportive care):

"NFX has a number of other options for the programme over and above CINV which are currently being evaluated under its agreement signed in September 2020 with the private company, Oxilio, which has an option to licence NXP001 for the development in oncology, rather than in oncology supportive care."

Some never happened at all Chab. Remember JH had to issue a TR1 following the 2021 placing but DG never did, despite holding the same amount. Perhaps he bought more to counter the dilution and therefore didn't have to report, I don't know. Maybe it's just not chased up that vigorously

I don't know if it is possible to delay notification of TR1's until all planned trading is complete. That seems to defeat the object of having them in the first place. However, I would expect there is a time limit within which you have to report by which gives some flexibility.

Last weeks news wasn't actually an RNS if you read the small print:

"This information is provided by Reach, the non-regulatory press release distribution service of RNS, part of the London Stock Exchange.....Reach is a non-regulatory news service. By using this service an issuer is confirming that the information contained within this announcement is of a non-regulatory nature"

They must have made a conscious decision to pay for that announcement.

Sorry, we're not a fifth into 2022. Too busy counting my months from the first receipt of data back in November instead of the start of the year, doh!

You're right Mars, it doesn't appear to be a very supportive exit strategy, so why are they doing it?

I remember back in the AGM Q&A document that someone asked a question about communication with major shareholders:

"Q9 - Does the company have contact with major shareholders and founders such as Dr Dan Gooding and Joanne Holland? Do they reiterate their support for the company?

A - In the course of acting as the Company’s corporate broker, Allenby Capital speaks to major shareholders on a regular basis and keeps them informed of the Company’s latest developments"

Nuformix appears to have a policy of keeping in close, personal touch with their major shareholders. I would expect that CPI are included in that and are therefore fully up-to-date on where things are.

So are they selling into strength, knowing that the company is on a relatively safe-footing and about to announce major news or are they selling for other reasons?

We keep hearing encouraging statements about making significant progress but we are now a fifth of the way into 2022. Where is the durability report? where is the new CEO/Business Development director? When are we going to see something tangible?

It's difficult to tell who knew what & when Chab. Both Oxilio and Trx (or Infirst as it used to be) were incorporated back in 2019 but who knows when strategies were first formulated and the partnership began to emerge?

Makes you wonder what real benefit there was in striking this deal while we were in such a vulnerable position, where we had so little bargaining power, if the money wasn't likely to arrive until much later than we actually needed it?

We haven't really received anything substantial towards to £3m needed to get NXP002 to phase 1. All of that had to be achieved through placings anyway. Would we have been any worse off waiting until we had something tangible with NXP002/NXP004 before we started to negotiate away NXP001?

Strange.