The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
No they have drawn down and spent £4m of the £5m facility, so there’s £1M still on the facility, (Monday is the 60th day from last one actually issued)
If I’m right, In which case they may not need or only need a few quid to get them from Monday to receipt of the extra drawn down £1m of funds.
If have less than £4m outstanding
Correct me if I’m wrong
they have £4m drawn down from the £5m facility, can draw down 60days after last draw down, well Saturday is 60 days from the last drawdown.
Can only make a drawdown if have
Published 26 April 2023
Come on you don’t need to pump it, if it has news and booms great, if it doesn’t it dies, don’t need to lure people in with misinformation (intentional or not)
I am in this so I’m not trolling but the nav is negative
The assets are primarily IP - if they don’t make payments to licence holders they lose this IP - as they have no cash their IP will lapse.
Cash - they have none
Equipment / property - lease obligations
They have very, very little tangible assets but have a ton of debt and liabilities of which ~90% of are for the IP
The bulk of the value of the assets on the books are allocated against IP
They don’t own the property and have lease obligations, they also effectively pay for time on the factory line at UBIC for the 21700 cells.
As expected I couldn’t find details of the licence deal to make my own valuation of them but the details of which is where the value or liability lies, in any case worthless if they are not building and selling any product.
"Following the conversion, £3,750,000 remains outstanding for conversion of the £4 million drawn down under from the convertible bond facility with Arena."
They have drawn it all down and spent the cash already.
When they say remains outstanding they mean that they have 3.75m of convertible bonds to convert in to new stock.
Adam wants his incompetence covered up that’s all, a shell and acquisition would involve a bit of DD which would bring up all manner of things they did
ITS has the cash to pay creditors but board are wasting it on legal costs now, they should have just raised -500k and embraced a shell.
They are the complete wrong board for what tue company has become, they should have been moved to pasture from day 1 as a shell and new people in .
Everyone wanting to liquidate has had multiple chances to sell in market for more than they would receive via a liquidation
it now only has till end of september before it would be suspended from aim anyway, the board are going to **** about for atleast another month, plus maybe another month to kick them out, so the remaining 1 month you would need to raise more capital and sort an rto, nothing is happening, they have wasted to much time and money.
i just dont get why adam doesnt sell his shares, hes had numourous oppotunities to offload them for multiples of what he would have got via liquidation.
they have cooked the books and want to burn down whats left so an audit doesnt pick up on where the cash actually went, another thing to consider is that the bod will get any renumeration / bonuses / pension contrubitions paid out to them in a liquidation before shareholders get anything so it may be as simple as them wanting to put as much in their pocket as possible.
Probably regret it but sold, only wanted a quick 10% got a bit more, from 0.52/54 entries.
I’ll watch, nice to be in cash over b holiday.
0.70 ask.
I like muln, such an unloved share traded it a couple times off past bounces over, the $1 Nasdaq nominal fights Interesting
0.56/0.69 something perked it up. +30%
Well done, I sold last spike and should have reentered, was hovering over it last night but resisted the temptation of the gamble :) it was always the Likely outcome, I do expect its to raise some capital now even just £300/500k to finance an RTO and boot out board so be careful as dilution will be heavy if working off NAV as base.
Well done neil
Well done and good luck all, ps I can’t buy it in Halifax either.
Now fire the board
Was a hair away from 0.60 ask before that dump.
Nah I left it’s when I said a few weeks back and it was my last trade there.
0.501 to sell some Vs 0.55 to buy. Spreads closed up a lot since this morning, on very little £ / volume