Member Info for Globex

With Burrows being US based the hope has to be the US lab isn't just his personal vanity project. With the small handful of tests being processed either side of the Atlantic we know for a fact it's not being used anywhere near to capacity.

Ambition is a good thing but with minimal revenue he's effectively gambled the on the availability of future funding by burning through approaching £10m this year.

The millions spent on either lab could have been used to expand the PSE trial to give it sorely needed credibility amongst medical professionals. They'd still have one state of the art lab - then the potential revenue from the test being accepted could easily have been used towards expansion - with the company built on a much more secure financial foundation .

This is one of those shameful outfits that sadly only exists to raise cash from hapless shareholders. It's worse than most though as they're doing it multiple times a year, this latest one alone being 50% dilution! They've now raised well over £35m in total since float (not a typo), that will never be seen again.

Expanding the PSE test is absolutely vital. If it has any hope of gaining traction it will first need the confidence of the medical professionals, and clearly they're not at that point yet with only one test being sold per day.

Prostate Cancer UK flagged that need for wider testing you mention Dug almost one year ago, it raises the question why haven't management acted upon that? In the last year the £9.3 million raised from shareholders could surely have been put to excellent use funding such a study.

Instead they've gone balls out with two brand new labs either side of the Atlantic that we now know will be hugely under capacity. If sales of just one test a day isn't enough of a signal to wake management up into need for a wider study, I'm not sure what will be.

Nobody is manipulating the share price, it's FTSE250 so trackers have to rebalance to take into account its much reduced market cap following this morning's profit warning.

After the launch of the PSE test and what we knew about the trajectory of CiRT sales, the market would have assumed - reasonably in my view - that the follow on revenue growth would have reduced overall cash burn and enabled a push back on a near term need for cash. Yesterday proved that assumption badly wrong.

Keep digging

I don't see this as panic more a natural market reaction particularly to uncertainty over going concern and cash runway being down to months at best. It can recover if they sort the funding, but until they do some brave pills required to add here.

This is always a risk when you have a company that has been dependent on shareholder support for this long. Management can start to get very comfortable with that safety net. By not actually having to go out and hustle for survival and growth like a regular start up or entrepreneur, they're at risk of going completely soft commercially.

This can't really be compared to a powerhouse like LVMH who actually own the brands and control the full supply chain. WOSG is just a third party retailer, a bit like a Sports Direct of this market. 1 or 5 year charts tell their own story.

If only management were as good as marketing tests to medical world as they were at talking up the company to shareholders. All that hype about market being tens of millions of users rings very hollow on numbers we've seen, no wonder expectations were much higher.

Argo's radio silence on Emergent is a bit odd, are they hoping people won't notice? Still had a monetary carrying value as at last report making it price sensitive news.

As a rough indicator in 2021 it was £19m per year, IPO prospectus has more details. Since then he's offloaded a couple of sites iirc. His propcos are Guernsey based for tax purposes so filings showing actual figures aren't public.

https://www.theguardian.com/business/2021/jan/11/questions-raised-over-the-hut-group-bosss-landlord-role

Tempted to catch the knife here but with it being ftse250 expecting follow through selling from trackers to take into account drop.

Longer term challenge is their lack of competitive moat. Richemont posted strong results today, market for luxury still stable. What we're seeing is a WOSG specific issue. It doesn't help that only being a third party retailer they're much more vulnerable to whims of the brands they rely on.

It's credible whoever now owns the shares is offloading, but without a TR1 we can only guess. But if you strongly believe that you should trade it imo, rather than trying to convince posters here who will only ever want to hear the happy clappy stuff.

Exactly, for MGN scheme alone last we heard deficit very much still exists and will not be cleared until 2028. There are 6 legacy schemes in total, at least one other (EN88) also in deficit as at last year's report. The last time we had an update on all schemes they gave projected date for deficits being collectively cleared as 2029.

Either they've preformed a miraculous turnaround and not informed the market or Press Gazette are wrong.

In that RNS the 3.7% is part of the "Position of previous..." row, which applies only up to that disclosure. The "resulting situation" row is the part that changes as a part of the RNS, where it's empty that represents either a full sale or at least one below the 3% reporting threshold.

The weird part is lack of transferee TR1. They should have also disclosed who now owns the shares, as the RNSs imply large block transactions took place effectively on or a few days before RNSs submitted. It's not feasible that volume would have been absorbed across multiple investors all under 3% reporting threshold.

In other news Emergent Entertainment's liquidation official as of yesterday. Board must be aware of this given the company's stake.

https://find-and-update.company-information.service.gov.uk/company/13127623/filing-history

Q: How do you make £10 million vaporise in less than 3 years? A: Give it to Peter Wall to invest!

The pension deficit being cleared would be major news, if true why haven't they shared that information by RNS? I see also Mirror editor steps down, apparently shareholders don't need to know this either https://www.bbc.co.uk/news/entertainment-arts-67982234

I think that's harsh but fair.

The products and pipeline are as promising as ever. So much credit should be given to the scientists actually behind the product development. At a board level things are much more questionable. The company would slot in perfectly into any number of large pharmaceuticals which have been on M&A sprees over the last year, especially around oncology. And after all it's the products/science they'd really be buying into, not the execs.

I for one won't attack you, that's what these boards should be about, venting if necessary and not being afraid to share opinions even if they raise awkward questions.

This particular board has been a strange one where expressing any kind of opinion that isn't absolutely glowing brings out those who spend all day looking for an internet argument, but it's always the mindless rampers who put the least thought into their posts.