RE: RNS - Conversion of Convertible Loan Notes26 Feb 2021 08:18
The value of this stock had performed really well over the last 2 trading sessions. Lots of buyers, lots of coverage and a fantastic reminder from Vlad @Hemogenyx of why investors are so excited about the opportunity at Hemo.
The Facts of the last two days
£650k of the CLNs (about 5.4% of the CLNs issues) were converted. It made a lot of sense given the SP was so low. As per my recent posts that we are in bargain territory. The £650k was converted at just shy of 5p (a 10% discount to the previous 3 days closing price) equting to 13.1m shares. 13.1m shares equates to just shy of 3% of Hemogenyx share capital - probably not a co-incidence that this fell just under the threshold at which an owner has to declare identity.
13m shares wers sold at 6.25p on Wednesday 24th Feb. This could be a co-incidence - however it looks like the shares were forward sold. The BIG question is though - who to? They appeared to have no impact on the normal pricing of Hemo shares
Mint made a c 25% return on the transaction (If it was their 13m sell)
Question is - who knew what, when and how. Who instigated and why? Is this good news, neutral or bad news???
The excitement and intrigue, hey? The story continues
IMO (just my opinion) is that Hemo must has recieved assurance ast to the motives of Mint and their client, this cant be a surprise to them. It may even has been instigated by Hemo, depending who the buyer is.... IF on the other hand, this was a nasty shock to Hemo it will be interesting to see their next move...
Hoping for some answers soon OR even better, some great news more broadly from Hemo