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You're not explaining yourself very clearly Burstead.

Are you saying we should listen to you or not?

If you're suggesting that mass murder is worse than selling peerages to your Russian donors, I completely agree.

However...

I went out for a walk yesterday and noticed an unpleasant smell near the river. This has become quite common in recent months after the government agreed to let water treatment companies dump raw sewage into rivers and streams due to a shortage in a necessary chemical, ferric chloride. It's difficult to get at the moment as a result of Brexit red-tape. So it's not much of an exaggeration to say that Britain has been turned into a cesspit on Boris' watch.

A few weeks ago everybody was saying Boris should be "publicly flogged". The illegal, drunken work parties that he continually lied about, the enormous cost of Brexit with no apparent gain, the constant u-turns when he defended staff for wrongdoing (only to have to fire them the next day anyway).

It's taken a war in Europe to get him temporarily off the hook. Nobody needs any particular "cause celebre" to state that case.

You're probably pressing the wrong button. You're not the brightest light on the tree.

So what? It's only 9p.

That's, like, 4% in old money.

Forensic505 - "For those who really understand the intricacies of this situation..."

People were saying the same thing a month ago and look how that turned out. If you understood the intricacies of this situation you'd know it's not exactly the deal of a lifetime. The situation is pretty much the same as a week ago when the price dropped to 21p.

BrucieJamieson - "This treatment is not for Covid but rather lung disease as a complication"

You're completely wrong. Lung disease is the term used for a range of diseases including asthma and COPD. But it doesn't treat them.

It's an anti-viral. It treats viruses (such as covid). That's why every RNS refers to it as a broad-spectrum antiviral.

gunto2020 - "Is it possible that TFG has absorbed the fund?"

All I know for certain at the moment is that 'Polygon Global Partners LLC' now wants to be called 'TFG Asset Management'.

Aether, there's a link in my post below. You can see it yourself.

If you're in any doubt, it's reported here:

https://find-and-update.company-information.service.gov.uk/company/OC343805/filing-history

I think they must have been anticipating a takeover offer if the results had been good.

That would explain why they wanted that extra bit of infuence that the voting rights gave them: to ensure that PIs who held a large part of the company wouldn't vote to accept a low-ball offer.

Doc83 - "it took Parexel more than two months to work out the top line data"

Are you sure Parexel analysed it? I thought Parexel ran the trial to generate the data, and then Synairgen analysed it.

From previous interviews it seemed that Synairgen chose the endpoints and selected the trial method. So the obvious assumption was that they knew best what was happening and would therefore be a better choice to analyse it. Was I mistaken then?

It's weird that the NIH Activ-2 page hasn't been updated to show 'Enrollment closed' for SNG001. When SAB announced they were leaving that trial, the page was updated the same day.

https://www.nih.gov/research-training/medical-research-initiatives/activ/covid-19-therapeutics-prioritized-testing-clinical-trials#activ2

Verify all this yourself. I take no responsibility for an inaccuracy or errors.

Takeovers are regulated by the Takeover Panel according to the rules laid out in the Takeover Code. It states, among other things, that:

A mandatory offer must be made when "any person acquires, whether by a series of transactions over a period of time or not, an interest in shares which (taken together with shares in which persons acting in concert with that person are interested) carry 30% or more of the voting rights of a company". (page 130)

and

"An offer made under Rule 9 must, in respect of each class of share capital involved, be in cash or be accompanied by a cash alternative at not less than the highest price paid by the offeror or any person acting in concert with it for any interest in shares of that class during the 12 months prior to the announcement of that offer." (page 145)

https://www.thetakeoverpanel.org.uk/the-code/download-code

What're the chances Polygon has already decided another trial is going to happen even if Activ-2 ends up cancelled?

If they get to 30% soon they could still participate in a fundraise without being forced to put in an offer, provided that they don't exceed 30% of the newly issued stock. But if the deal includes options on another huge chunk of shares, they could potentially jump from 30% to, say 50% overnight.

At that point, if they're expecting decent trial results they could be in a position to vote through a takeover at £1/share by the end of the year.

I'm not sure about the legalities and technicalities of this theory. So if anybody knows what theyre talking about, any input is appreciated.

I think the best part is that the closer they get to 30%, the more likely it is that they think a fundraise is some way off.

Doc83 - "That would be crazy."

Crazy can be forgiven but stupid is inexcusable. That's why I called out some of the posters who appeared in the past 20 minutes.

Burstead - "And that is why Paraxel has given out the reason for the P3 to fail."

You didn't even get the company's name right. It's Parexel. And they don't 'give out a reason' because they're not the ones who perform the analysis.

Do some research before pretending you know what you're talking about.

I'd say nearer 110p imo

brrr - "Polygon's fund manager will be trading this every day. There's no way we can guess their average."

I disagree. We know the upper and lower limits of what they could buy and sell at. We also know that all of their TR1s have been to notify of an increase.

For example, on January 12th 2022 when they declared they had increased their stake to 17.085%, that 0.085% didn't leave much room to trade. The price didn't even change by more than a few percent during that time either. We also know they were buying voting rights. That suggests control of the company was a higher priority for them than making a few percent from trading.

So I'd say we can be confident that they're averaging around £1/share.

Thanks Chesh.