The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
VF
Just pointing out that the RNS clearly stated the options were for pumps which would be available within those timeframes - no agenda.
Some were saying at the back end of last year that there could be a JV in place by year end 2022 - anybody that has been here for a while knows full well how long things take to complete for this jurisdiction.
Whilst positive that a decision has been made, everything is just so very S L O W .
90 days or 8 months - just to get the kit in place and see how well it works.
Ah well, we must hope that at some point a working solution will start to produce the goods.
AJP
Sounds about right to me, thanks.
Got the impression this is 'steady as she goes' - £10.5m seems a lot to me in terms of what is proposed to use the funds for, but hopefully that is the last cash raise for a long time(if ever again). Extra kit and refinements for the proposed superabsorbent product will hopefully bear fruit in the relatively near term.
No great hurry to arrange the share consolidation - will review and consider what would be the 'right' time. Now have institutional investment at 40%-50% of total shares.
So all resolutions passed, as expected.
Valid acceptances from Qualifying Shareholders represents approximately 58.2 per cent. of the New Ordinary Shares available under the Open Offer.
This is where offering at 5.1p per share meant a balance had to be found between maximising funds receivable and being enticing to shareholders looking for a discount.
This feels like a reasonable outcome, IMHO.
AJP
I expect the format of presentation and presenters to be unchanged - seems to be the style they like to use.
I would have thought it most likely to see a European facility being proposed, as that is where the sales market currently exists outside of the USA - but just my opinion. I acknowledge that Asia is a large potential market, but I guess there has to be a decision made between cost of production in Europe or Asia versus transport costs and security of supply, production, and distribution. This is the problem of being the 'middle man' in the supply of the end product.
Like you, I am hoping for big things to come from ITX over the next few months. It would be good have to at the very least an update on the progress with the superabsorbent - this is now so crucial to the rapid expansion of the company.
IMHO
Today was the Response Date for my broker to action. Elected to take my full offering - and trying for a few extra to round up.
I hope these extra funds are going to be put to good use - just a week to find out what the plan is, all being well.
Whilst it appears to be a lot of new shares in percentage terms, I guess that once the consolidation takes place it will again look like there are not that many shares in issue overall.
Considering the large number of shares in issue, it always surprises me how much the share price seems to jump around on very little percentage of shares traded.
I can only rationalise this by thinking that the immense potential of the Cambay Field has to be the driving force.
IMHO
Seems to have been quite an uplift in share price late in the day - hopefully a sign of things to come.
Would be good for true value to start to become evident here, but patience should be rewarded - IMHO.
Re my remarks from July/August this year:
PARTIAL EXTRACT.... "As part of the purchase agreement with the previous owners of Itaconix Corporation, a contingent ... deferred performance related consideration will be payable to the Itaconix Corporation shareholders, subject to the achievement of certain growth targets ... based on 50% of incremental annual net sales value ... in excess of the prior year...
The deferred performance related consideration is capped at $6m in aggregate. Such deferred performance consideration, if any, will be satisfied annually entirely in ordinary shares of Itaconix plc "
Seems that performance was linked primarily to volume rather than income or even profit (depending on definition of 'certain growth targets'), but as the consideration is paid in shares, you would hope that the beneficiaries' interest is best served by keeping a decent margin on sales.
Even if there is a payment of full amount available for this (final) year of the scheme, you would think that there would be an issuance of only a small percentage of new shares, and predominantly to individuals who have a vested interest in seeing the company continue on a path to profitability.