Scancell founder says the company is ready to commercialise novel medicines to counteract cancer. Watch the video here.
Agreed we have had no real news since the legal settlement. A very depressing day. Great expectation, same old disappointment. We need more contracts, activity and communication but the Board seem content to let the share price languish for some reason. Need tuck it away for a year I think because there is nothing to get excited about. And I’m not surprised there has been no news on the TF loans and warrants because they are not stupid and must be feeling pretty ****ed off about the new ‘platform agnostic’ approach. Surely we should be saying ILL in the PPA territories and TF everywhere else?
Thanks for the feedback but sounds like you both bought oil from the snake oil salesman! I don’t feel reassured at all about the cash position or the chance of securing more funds and the fact remains we can’t sell Mankayan so everything hinges on this new report, which may say it will cost $1bn to mine. And to hear he wants to drill Eureka is both a distraction and an insult. We are in a very bad place.
I look forward to reports coming back from tonight but I am minded to start an action group after today’s RNS. I am happy to lead it or happy to be led! I have 5m shares. Let me know how you want to move this forward. In terms of my credentials on the positive side I am a chartered accountant and chartered director but on the negative side I am clearly a ****e investor!
I have just sent this email to Laurence about the RNS.
Laurence
This does not help I’m afraid.
It says to me nobody wants to buy Mankayan as currently presented. Have we had any offers?
How much cash do we have left? Will we need to raise more funds to progress this workstream? What other studies or workstreams need to be undertaken after this study is completed? How long will it all take?
What are our options in progressing the project?
What are we doing about the FTAA/MPSA? What other initiatives are we undertaking to progress the project like engaging with the local communities, government and satisfying environmental concerns?
There are too many questions left unanswered and the communication remains poor and cryptic.
Thanks
I am not happy at all. I want to join with other shareholders to force change because our investment is going down the toilet.
I am up for joining any action to force change in the Board. I think we need 5% to call a meeting in which we can seek the removal of one or more directors and/or the appointment of another director. Of course it may not work but it will make them think and apply pressure. I will wait until after the presentation on Wednesday and would then be happy to join any action if we all remain dissatisfied.
My understanding is the warrants are issued on top of the loan as a sweetener and to give TF the chance to buy shares at an attractive price in the future. The warrants are separate to the shares once issued although they are of course linked at issue. I think the object of the Board is to encourage TF to exercise the warrants and then use the proceeds to pay off the debt. I suspect they are hoping that TF will then write off the remaining debt. To my mind this is very naive because TF are not a charity and will act commercially, particularly given the involvement of Illumina. If they exercise the warrants I suspect they will then want more equity to write off the remaining debt, which will leave them with a greater shareholding. They are not going to give away anything for free. And I doubt very much they will pay 24.6p for any shares when they can buy them in the market for less than 9p!
I'm sorry but the sale and leaseback is a poor deal and does suggest some desperation to raise funds.
The yield on this deal for the purchaser is 10.3%, which is incredible and is almost junk rates.
I am the FD of a retail company (another sector facing significant difficulties as we all know) and we did 3 sale and leasebacks this year at an average yield of 5.7%.
And why undertake this transaction when you are up for sale, why not wait a while? Unless you are desperate for cash or don't think a sale will take place.
Checked the portal this morning, still no update. Must be waiting for some news to trigger a review of their forecasts.
Agreed, would be helpful to have this on their bios on the website. I was expecting more news flow since the placing but I guess AR’s purchase of more shares indicated there was nothing commercially sensitive to reveal at that time. Still I would expect more news of contract wins around the world and there is nothing hindering their announcement now the litigation is concluded. We need to build some momentum and as flipper says the coming weeks before the interim results would be the perfect time.
Agreed. I can play Cassandra, notaflipper does a great Mr Micawber and your Polonius is superb, but at the end of the day it’s just words and opinions. We are in a better position than we were but it’s simple that the Board just need to deliver on the potential. I still suspect that the position with regard to TF is more complex than some believe. I mean after all the support they have given us having basically saved us from extinction they are not going to be happy with a position whereby we are selling Illumina and TF products outside the PPA territories. Our indebtedness to them gives them a lot of control and they are not going to give that up by offering gifts such as debt write-offs without something significant in return. It would be naive to think otherwise. Time will tell but I am optimistic. I just lack confidence in the Board.
I remember your ironic remarks about the new CEO turning up to the AGM without a new strategy. How do you feel about it now? Strange we have had no reports back from the AGM. Did anyone go or was it just the directors?!
I can’t make the AGM today because flights from the Channel Islands to Manchester are over £320 (another story) but I hope the Board get an absolute roasting today because the share price is a shambles and says everything about them and the performance of the Company. Sub-9p now, utter disgrace.
And some people are overly positive! It's good to have a balance.
I'm not talking about Illumina's own CE-IVD test or the technical issues surrounding the use of Illumina and TF instruments or TF's approval of the settlement.
I'm talking about what happens when we get a client outside the PPA territories when we have an Illumina test and a TF test? Do we sell them the Illumina or the TF test? We say we are platform-agnostic so the corollary of that must be we don't sell them either test, we let the client decide, which must surely upset TF if the client picks Illumina because we haven't sold them the TF test? On top of the fact they have only 20% of the sequencer market this deal with Illumina may make it harder to change that through Premaitha.
I'm saying I would like more clarity on the TF relationship going forwards and I'm sure this will come out of the meetings over the past week in the US. TF have such a huge influence over us operationally and financially that I would like more certainty over our future relationship with them.
I am intrigued by the position TF finds itself in and what it’s next play is in this complex saga. I would also like some reassurance on their status in the NIPT market and their intentions regarding Premaitha.
It will no longer have a NIPT foothold in the PPA territories, which it will have to cede to Illumina.
It seems that Premaitha is now platform-agnostic, which suggests to me that in the PPA territories they will sell an Illumina product and outside the PPA territories they will sell either TF or Illumina products according to customer demand. That must irk TF and I am worried we are at risk of alienating them.
There is talk now of a debt for equity swap and even a debt write-off. Where will that lead us? TF could have 20% of the equity .What does it mean? TF could exercise their warrants at an overall price of say 12p and then we use the proceeds to repay the debt but then we have a significant shareholder who could effectively be supporting a major rival if Illumina take most of the business.
I don't think we can keep both TF and Illumina happy and we have to get in bed with one of them wholly. It seems it should have been Illumina from the start but we are where we are and we probably need to split the company in two as has been mentioned previously and work with Ilumina in PPA territories and TF outside. I don't think it would be so much of an issue if TF didn't have so much influence and control over us.
But it needs clarity and resolution because I don't believe the line that we can work with both and everything will be fine with the best of both worlds for Premaitha.