Just a few thoughts10 Apr 2025 11:30
In his post earlier this morning, BB said:-
"If/when IB is sold, IQAI will receive some kind of dividend (hopefully) and will then die a slow, agonising death.
I like the fact that all the IB staff has shares in IQAI ...
Without IB, IQAI is now't"
So let us assess those comments. Imaging Biometrics is not a listed company and whilst all our investments are based on the great work they do, IQAI are both the owners of the trial data and 100% owner of Imaging Biometrics. Any phase 2 trial partner looking to acquire the data, would need to purchase it from IQAI. in doing so, they would also need to acquire Imaging Biometrics, as the IB team are vital to both the trial and imaging applications. So if TB sold both the rights to the data and Imaging Biometrics, that only leaves Stonechecker as an asset and that has already been written down to zero. So a buyer acquiring the data and IB, is effectively buying IQAI.
Now let us consider the current shareholder base. We obviously know about the holdings of Braveheart and Kathleen Schmainda, plus the options held by TB, MS and other Board members. But what of the rest of the shareholder base? There are people on this bulletin board with very sizeable holdings, including myself. Plus, BB has remarked on the small holdings of IB employees, which keeps them all incentivised. But do you all realise that the legacy holders of Flying Brands all have holdings?
When there is an AGM vote, they are all automatically included in the For category. Unless of course, they specifically vote No. The same applies to all of us.
Of course, TB is not interested in small shareholders, That is clear. However, when selling the data rights and IB, he has to consider the wishes of KS, MS and the team at IB. So that rules out any low ball offer being accepted, with monies being returned via a special divided.
Now we are currently valued at a stupid figure just under £2m, based on there being 246,709,789 shares at a current mid price of 0.8p a share. So let's assume a predator made a low ball offer of 20p per share for IQAI, which is inclusive of the trial data and IB. That values the company at circa £49m. On the face of it, that seems very lofty. However, any purchaser is doing so on the basis of a successful clinical trial. They know, as do we, that the mean value of a Priority Review Voucher is circa $100m, a figure quoted by TB. One look online, will show that average to have increased 5-10% in 2024. We will of course, have two such voucher applications, giving a potential income of circa $200m. So any company buying us for £49m, may receive $200m in vouchers and of course, all future revenues from trial drug sales and IB software sales. That is why TB and the Board will not sell our assets cheaply. It's also why Braveheart bought the holdings of TB and his family so cheaply at 1.1p per share. It also explains why they will also maintain their holding just below the 30% level.
Continued
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