Member Info for itisagame

Once it lands £6m funding in a £2m mcap company is quite an elephant in the room

I overlooked that obvious elephant, gives me a bit more hope for a continuation of the listing till atleast end of next month and the vote in any case

Different idea.

Has the threat of a delist achieved its intended result which was the other big holders ( who could potentially prevent a sale) being forced out - they are out now so no need?

Humm I guess “also provide for” is different to “ requires”

“The terms for the financing also provide for the delisting of the Company from AIM, subject to the required approval of shareholders. ”

Part of the term sheet

“The term sheet provides for certain amendments to the NPA which would require the Company to seek certain shareholder approvals at a general meeting. These approvals are summarised below:



- to subdivide and re-designate each ordinary share into one ordinary share of £0.008 each and one deferred share of £0.092;

- to grant rights to convert all outstanding and to be issued loan notes into ordinary shares and dis-apply the statutory pre-emption rights in respect of such conversion;

- to cancel the admission of the ordinary shares to trading on AIM;

- to amend the articles of association to set out the rights of the deferred shares; and

- to waive any requirement for the Noteholders to make a mandatory offer for the Company under Rule 9 of the Takeover Code.”

Buying at a penny or tuppence and end up having it remain listed would be the ideal trade, dilution in parts, slow and stead as needed, would initially regain 5/10p in a blink.
(has flash backs of EGHOS / iconic labs)

If they get permission to issue the new shares and fund the company then I’m not sure what they gain if they did delist, it’s aim after all so easy to issue more stock, and gives them all an easy exit.

Unless delisting is to protect them from each other, potentially preventing each party from selling off large chunks and flooding the market.

3.4%, I wouldn’t bet on that one saving it.

Shame because overall sentiment has been returning to pharma overall the last month.

Prepare for the worst, hope for the best.

Draysons stock here is key to a vote, why isn’t he taking part in the refinancing when he tried for a MBO?

Sure He’s rinsed a salary over the years I know, but he will get diluted significantly if he goes along with it.

He did say :
“He has proposed and the Company has agreed that he will reduce his base salary to £1 per annum while the Loan Notes are outstanding and he has committed to vote for any bid for the Company that results from the Formal Sale Process that is consistent with the Company's mission and maximises value for shareholders or is recommended by the independent Directors.”

As there wasn’t any FSP bid, will he vote for the refinancing as it clearly doesn’t maximise shareholder value.

Otherwise If Drayson is with peel and co then it’s as good as done.

We got to wait and see I guess.

If executed in full (excluding warrants) Potentially around 3.5b shares in issue and £20m cash, with £100m already invested in the company.

Last time when it had that level of cash it was trading between ~£250m mcap, (7p adjusted for potential future dilution )
And ~£184m mcap, (5.2p adjusted for potential future dilution)

The great reset.

Ok, sorry, HAD no willing buyers lol

feels like that FSP process was used to actually prevent buyers from building a stake to scupper their bigger plan, Drayson was definitely talking bs about using it to create shareholder value.

Bigger plan has got to be a formal sale, and they will want to net more than £20m at 0.8p.

“ Snow will be allowed to invest up to £2mln of his own cash in B and C notes issued as part of the restructuring.”

That’s got to be a joke when it’s the current mcap and it apparently has no buyers under the FSP

Who was the significant debtor ?
Are they tied to any of the parties involved with the financing?

In the interims under ASSETS how much of the £6.3m listed under trade receivables was this debtor?

And the £1.5m cash (dwindling)

Yea, retail won’t hold 42m to the wire and block the vote, or be able to fund an alternative funding package.

A gamble on a bounce beforehand and that maybe one of the “potential buyers “ is still actually interested

Technically it’s possible that whatever they end up using of the £20m might not get converted but instead repaid at +25% from proceeds of a sale. (Yea, FSP closed but is part of their plan to get it cheap)

They can get away with not reporting buys… or sells… now.

Have a feeling peel will be flooding the market with forward sold stock before delist.

Obviously I hope that they buy it up instead, but shareholders have been a wee bit shafted to say the least .

The Stocks still there

Next week ceo appointment rns, maybe an update too, could be the catalyst we need from here.

Just remember long term (May) on the info given there’s a high chance( >95% imo) that it’s delisting and being sold, so be nimble unless you want a stake in private company.

It was hard to buy Friday but still dropped, it’s because historically it’s been a very iliquid share, be patient and use limit orders if needed, you will buy / sell them eventually.

under 10,000 shares traded daily was common, are getting single £5k trades that are representing a months worth of old volume.

£11/12k buys £1m worth of stock at prices 6 months ago.

They got what ~£70m in it plus the new funding, if it diluted it existing shares to next to nothing they still need 5p to make it back on the new funding, they are not doing it to brake even so probably expect 10p