Member Info for ForFXSake

Apologies, it's AM01 for an appointment and TM01 for Termination.

So the question is does anyone have any ideas why Keegan required an AM01 when the others don't and can anyone explain why Keegan resigned on the same day that Brindley was appointed and why was this not revealed until 24th May?

I was just taking a look (out of boredom) at the filings made by Nuformix to Companies House at the following address:

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

and I noticed something which struck me as odd. On Feb 10th this year we got an RNS about a directorate change telling us that Blackwell had resigned with immediate effect (there is a corresponding TM01 filed with Companies House for that exact date). The strange thing is that there is also one for Keegan dated 23rd February (13 days after) yet we did not get told about his resignation until we got the RNS on 24th May. Joanne Holland's TM01 is filed with a date of 31st May.

We were also notified by RNS that Anne Brindley became CEO with immediate effect on 7th December yet the TM01 states that her appointment did not occur until 22nd February this year- after Blackwell resigned and the day before Keegan's resignation TM01 was filed.

There does not appear to be a TM01 for an appointment of Alastair Riddell as Chairman, nor Maddy Kennedy or Julian Gilbert. Perhaps this is because they are NED's. However, I thought Keegan was only appointed as an NED (see RNS dated 18th Feb 2020).

So why did Keegan need a TM01 when Alastair Riddell, Maddy Kennedy & Julian Gilbert did not? Was he more than just an NED?

Less than a month until Q4 now.

Surely we must be close to something with Oxilio.

I understand the frustration of our valuation in comparison.

I'm just thinking that the high Oxilio valuation and the continuing delay in finalisation could be down to them waiting for a further cash injection from another 3rd party.

They got the last tranche of funding on 11th August. If that was all they needed then why are still waiting almost a month later?

I think what I'm struggling to understand is how they raised 634k a year ago and had a post-money valuation of 4.3m then recently raise a similar amount with a post money valuation of 21m.

It perhaps tells us that whoever bought a year ago or earlier paid alot less for their shares than the recent investors but is that simply because the recent takers now have higher expectations and are willing to pay more?

Is that valuation just perceived from an estimate of what OXL001 will eventually be worth? If so then why has it changed so much in a year when nothing has really got going yet?

Alternatively, might Oxilio have some kind of stepped or structured finance agreement in place which will inject funds into the company based upon how much they can raise themselves?

E.g. Oxilio raises 400k = Financier offers 4m in funding,
Oxilio raises 1m = Financier offers 20m in funding.

OK, thanks for explaining.

Sorry, didn't mean divide by 4026, I meant apportion to 4026

Soup, yesterday you said de Boysson had contributed 265k to Oxilio capital. Just out of interest how is that calculated?

Are you taking the £20m post subscription valuation and dividing that by 4026 (which I think is the holding)?

Is that accurate or is it possible more funds are expected to be received?

Apologies if I got that wrong. I thought with the departure of JH that we had decided to scale back any in-house contract/development work.

I know JH is still involved as a 3rd party contractor but I assumed that was more to support NXP002/NXP004. I thought Oxilio were doing their own thing.

"Worth noting that they are not just taking NXP001 as it is, they are reformulating it to then outlicense."

If so, then I wonder who is going to do that for them? It's a shame we couldn't help them with that.

"I get your point FX, but once they get data, then who leads the next stage of business development if there is effectively no board?"

I am as frustrated as you on that point Soup. You would have thought the process would have started but Riddell basically said that no one would be attracted to the role until the data is released.

He did also say that they might be putting feelers out before they reach that point. Maybe they will have someone poised by the time the data hits (assuming it's good).

Only problem then is notice periods of the candidate etc... It's a gamble but not sure what other choices there are.

If news came of the Oxilio deal before data then you would undoubtedly expect a nice boost to our price.

The thing I'm not sure about with regards to the Oxilio deal is whether or not the recent filings are just the first step in securing the real finance needed to fund their project. In other words, do they have enough now to finalise and pay an upfront to us or do they need to hold the money raised in the company as a kind of security or basis for further funding that can finally be used to pay NFX

If the latter, then how long might it take to complete that step?

"TBH i think no news is good news at the moment.!"

I understand that sentiment VR. I too dread the red dot these days

Not sure how I feel about that Soup. Has having an exec on the board actually been beneficial? At least, with NED's, we won't have to shell out any more in 'loss of office' payments.

It does make you wonder if the business model could be improved somewhat.

Do these co-crystals look nice? I wonder if the CEO has considered opening a Rock/Gem/Witchypoo shop in Cornwall and flogging them as gold-plated pendants if the data disappoints.

Well, it certainly looks like they've raided all the piggy banks of friends & family!

I wouldn't fret, according to Twitter this will bag 20x current sp on decent news.

Those dark horses waiting in the background to pounce had better take heed!

"She wants to leave with glory"

She must work in mysterious ways then!

I'm not convinced someone is waiting to snap up NXP002 on data release either. Big pharma wouldn't really have to wait for that news at this price. A few tens of millions is petty cash to them. Why would they wait for price altering news if NXP002 was likely to fill a niche that current standard of care cannot (as mentioned in the Q&A by the company)? It doesn't add up. Just buy it now and write if off if it doesn't pan out. It would be worth the risk.

Oxilio's never ending delay and inflated valuation makes me wonder if they might be poised for something, for the reasons I mentioned in my previous post. They might also just be struggling to get funding or just waiting for us to go into administration if the data is poor..all speculation.

If it turns out that Brindley's future employers are in the running then I will be very upset. Her resignation (by her own admission if you listen to Riddell's interview) placed the company in a difficult situation. It would look very bad if her new employers profitted from that.

If DG & JH are sitting on gifted shares then any price is a bonus for them, as they will not not be sitting on a loss like most of us. As Soup has already said, there might be little resistance from them them if the alternative is a long wait or the chance of getting nothing.

Did JH & DG actually buy any shares or introduce any capital when Nuformix was formed?