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Hickory, no point in addressing your frustrations to Andrew - he has zero control over the FDA’s process. The verdict will come when it comes and it could be a few months yet - we have been warned that normal timelines don’t currently apply due to covid.
There is no reason in theory why a consolidation should impact the (adjusted) share price but I think the reason they are often followed by a downward trend is that it is often only a continuation of an existing trend. i.e. they need to do a consolidation because the SP has already fallen to a fraction of a penny - often for good reason.
I should add that whilst the different offers were announced at the same time, in practice the way this works is that the Broker will have been canvassing interest with the Institutional Investors (IIs) in advance and it is this process which sets the price. So in effect the IIs are approached/offered before us lowly private investors. It is always like this but at least, on this occasion, we had the opportunity to invest at the same discounted price - this is not always the case.
Domwah, the Placing (with institutional investors) Open Offer (existing investors) and ‘PremidBid’ offer (anybody) were all announced at the same time.
The discount will have been driven by the ‘appetite’ for the shares from the institutional investors which was the bulk of the new funds. It was a big discount to where the SP was a few months ago (£2.70 high) which would suggest the ‘market’ thought that at that level the SP was perhaps getting a bit ahead of itself…
Patience is required here. For me this has never been a short term investment. There is a great business to be built with Stereax but the jackpot will come when they can successfully apply the IP to the larger format ie EVs
Why no mention beforehand ?
I think you’ll find it’s standard practice not to announce placing a until it actually happens and I suspect these things happen very quickly in practice.
The Company, brokers and most investors will know they have to raise cash at intervals to fund the development of a project like Goliath and so the Brokers will have the paperwork primed and ready to go at short notice to take advantage of the conditions in the market.
Maybe they could have waited, with £9M+ in the bank (at 30/4) but maybe the cash burn is being ramped up with Stereax manufacturing and Goliath moving onto the next stage. The market is fickle and cash in the bank is better than the prospect of a future raise at an unknown price.
Pyueck, the Goliath project will not generate revenues other than grant funding for several years to come. It was inevitable they would be raising cash to fund it and there will be more to come.
The sooner the better in my view - I would rather see the Company have the funds to accelerate development rather than scraping by.
It’s tough for those who bought above this level but the timescales here have never been a secret.
Kozz, there is an open offer you could have opted into.
Surprised at the discount but they will have agreed this with the institutional holders beforehand so I think we can take it that this is the level where they were prepared to add.
Jake,
Great news about Immunovia and their progress on their pancreatic cancer test - I wouldn’t worry about it being a competitor to Angle though - for plenty of reasons I don’t need to go into now.
As for news here - The company made it clear that there would be no further commentary on the FDA submission until a decision is made - this could be any day now or months away, we just don’t know but likely the latter.
The clinical labs have only been open a few weeks and we have one significant contract already. More will follow.
There is a steady stream of peer reviewed research being released all the time.
The most recent news is the new focus on prostrate cancer as the next significant opportunity - we will hear more about this in due course.
The ovarian cancer trials will report later in the year.
So, there is a significant pipeline of major news to come, much of which could significantly impact the SP here.
If you are a long term investor in Angle then I don’t understand your impatience ??
Hypermarlin, regarding the results being 'in line with expectations', I very much doubt this was the cause of the SP move - Ilika have next to no commercial revenues other than the various Grants they have managed to get. So this years grants compared to last years grants is not really something that will cause great 'disappointment'.
This is all about to change once the new manufacturing facility is up and running and they start producing Stereax units at scale and hopefully start taking orders. Not that the volumes will be huge initially but proven sales will trigger the next step to high volume production.
Just to be clear - Ilika already have a proven Solid State Battery about to go into commercial production.
It's no secret the Goliath is not a short term project. Quantumscape are not predicting commercial production sooner than 2025.
To answer your second question One of the big advantages of Solid State is that solid electrolytes are non-flammable and generate far less heat than liquid electrolytes = safer batteries and higher energy density resulting from less need for safety systems and containment packaging.
I suspect the 'crash' as you refer to it was a result of somebody selling a significant amount in a short space of time. We can only speculate as to who that was and why but there are a few things we do know:
There have been no TR1s from the main institutional holders subsequently.
Trade volumes were not particularly high during the drop - around 0.5% at most - above average but significantly below historical highs.
This is usually a pretty quiet board but there were quite a few 'new' posters around in the last few weeks posting links to positive news from competing technologies and questioning Ilika's valuation. Some of which had a very low 'post' count - read what you like into that but personally I suspect new accounts are often set-up for specific purposes, to hide identity.
The SP has recovered steadily since.
The posting might suggest there were shorts in play but there was nothing reported above the 0.5% threshold. I did see 3% short positions on my IG account but this was almost certainly only one account as there were only 11-50 open positions. This has subsequently gone and it's now 100% long. I'm not reading any more into this other than that we know there was one short position, of indeterminate size, at the time of the SP move.