The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
Yeah not saying it’s a reason to panic cash just hadn’t seen it and no RNS regarding it either also didn’t see Paul mention it on the 9th. Been holding for a while don’t seem any reason to panic currently, I’m hopeful the current matters will be resolved with the backing of OTT and EHGO
Not sure if been spotted but filed on companies house 9th June
Termination of appointment of Stefan Christoph Manthe as a director on 8 June 2021
https://find-and-update.company-information.service.gov.uk/company/10197256/filing-history
As ace said the only secured creditor currently is Shard Capital, when the previous BOD agreed the £1million financing facility with Shard, Iconic Labs initially drew down £500k from that facility (RNS: Placing and Financing Update dated: 13th November 2020) which has still to be paid back, also since that RNS shard has not been mentioned again. Shard do not have to negotiate with the indebted companies, the whole point of administrators is to act as the middle man between the creditors and the company to try at least to solve the financing and debt in the best interest of both parties, it also pauses any legal proceeds against the company and may even allow the company to come out benefitting from the pause having restructured greatly with the help of the administrators. However, if the administrators believe there is not a feasible way forward for the company then it will become insolvent with any assets of any value being used to pay the creditor
“It is true that EHGO negotiated with Iconic in good faith to try to find a resolution to Iconic's financing needs and breach of our financing agreement, and made several proposals which were summarily rejected by Iconic and its board (litigation is always a last resort for EHGO). Sadly it was Iconic (and not EHGO) who eventually abandoned negotiations over a settlement (most recently at the end of December) with respect to our financing agreement.”
Wouldn’t surprise me if icon did walk because the numerous proposals EGHOS shovelled at them in “good faith” would have most likely been worse for icon than a court settlement.
I find it laughable that OTT had the audacity after holding for a mere 2 months to call an EGM, over shareholder value, when the majority of us have held 6 months + and seen minimal. Wonder if EGHOS promised them it was going to multibag when they put a tr1 out XD
“the fact that EHGO made a off book transaction with OTT is fine but there is no record that the transaction actually took place. for all ICON know is they could still be holding the shares and OTT just " filled in a TR1 form" who knows... and how did the relationship start, do you just meet someone and say hey fancy some shares in iconic , yeah £800k pls.
also its important to remember that "The Board is aware that if the proposals referred to in the OTT Holdings Press Release in respect of changing the composition of the Board at a general meeting were ever to be effected, this would give Greencastle Capital a right to terminate " this is pulling the Joe contract
Does this not concern you that if OTT do actually get a EGM that JOE management contract could be cancelled , potentially leaving Icon without its revenue from JOE..”
And that’s the exact reason I’ll be voting against OTT if an EGM comes to fruition, just screams shady.
Last thing ICON would want is EGHOS back holding shares so they wouldn’t lower the share price themselves . There are some very large buys 100mil + occurring after the RNS which equates to roughly £10k + , similar to the chunks EGHOS used to sell at. There’s a lot of scenarios you could play out to answer the question of why EGHOS has made a claim but that won’t be until the particulars are made clear in a future RNS.
@JAdam that 41.2m buy was me and happened around 08:53 the rest show to me as sells on HL so you’re correct on that. Can confirm it was a PI trade too. I had a 33m stake before selling yesterday funnily enough to buy into RR at 77p and to sell at 97p