The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
Hi Baf3
I had used the same figure for Guident but an old figure from the report of $7m for Microsalt.
So I have recalculated using the latest know information from the RNS on 24th Jan 2023 which places a value of approx $15m as per your calculation.
This gives me a NAV of approx 30 cents per share or 25p per share.
This tallies nicely with your estimate.
I'm invested here because I see the value in Microsalt and agree that this could be worth a lot more.
I have checked out the placings carried out since 2017 and this is what I found.
(assuming I have not missed any)
26th Jan 2017 Placing 6,968,500 new ordinary shares of 0.4p at 35 pence per share to raise £2,438,975
2nd Oct 2018 Placing 11,698,335 new ordinary shares of 0.4 pence at 7.5 pence per share to raise £0.9 million
11th Jul 2019 Placing 9,375,000 new ordinary shares of 0.4 pence at 8 pence per share to raise £0.75 million
6th Feb 2020 Placing 14,800,000 new ordinary shares of 0.4 pence at 5 pence per share to raise £740,000
1st May 2020 Placing 9,250,000 new ordinary shares of 0.4 pence at 10 pence per share to raise £925,000
17th Nov 2020 Placing 4,750,000 new ordinary shares of 0.4 pence at 8 pence per share to raise £380,000
18th Mar 2021 Placing 38,000,000 new ordinary shares of 0.4 pence at 10 pence per share to raise £3.8 million
3rd Nov 2021 Placing 10,714,286 new ordinary shares of 0.4 pence at 28 pence per share to raise £3.0 million
25th May 2022 Placing 8,000,000 new ordinary shares of 0.4 pence at 25 pence per share to raise £2 million
20th Feb 2023 Placing 14,062,500 new ordinary shares of 0.4 pence at 16 pence per share raise £2.25 million
So it looks like at least one placing is carried out every year, sometimes more.
Hi rhodi
The options you refer to should be :
Al Sisto...
2,500,000 at 8.5p (valid until 18/05/27)
Sarah Payne...
2,500,000 at 8.5p (valid until 18/05/27)
Bruce Leith...
2,500,000 at 8.5p (valid until 18/05/27)
Matthew Scherba...
2,500,000 at 9.15p (valid until 01/12/29)
Alan Howarth...
250,000 at 13p (valid until 22/02/23)
Thanks
My reason for investing in TERN is Device Authority anything else is a bonus as far as I am concerned.
If one is not happy with the directors actions they can also be voted out at the appropriate time.
As I understand it PIRI has direct investments in Getvisibility, Low6, Pluto & Precog
As well as further investments via Sure Valley Ventures which also includes some of the above as well.
It's all listed on the PIRI website .
Both PIRI and TERN have made significant commitments for further funding to SVV funds.
I want to know how this funding is going to be achieved.
I would like the TERN directors to provide a lot more information on the cash strategy before I decide on casting my vote.
(Not that my vote will make much difference)
If you combine the reported asset values from the latest final reports
you get the £7,223,000 for PIRI and £32.4m for TERN to make £39,623m
The new TERN Enlarged Share Capital figure of 448,460,436 means that post takeover TERN's NAV will drop to 8.8p from the 9.2p reported in TERNs Finals. (Due to TERN offering more TERN shares for PIRI than the NAV value of PIRI)
So this deal will decrease NAV before any further funding requirements take place.
As it stands I am yet to be convinced that the merged company run by the current directors will be any better at raising cash from the markets than it has been in the past.
PIRI Results look good but ...
PIRI must be running on vapours when it comes to cash.
By the time TERN have completed this PIRI takover, they will also not have much cash left.
TERN will either have to sell some assets to generate working capital or yet another placing will need to be carried out further diluting everybody yet again.
For this deal to go through the TERN directors feet should be held to the fire until they explain how they plan to generate cash.
Once this deal is done they are going to need plenty of it to meet their funding commitments.
As I hold TERN, PIRI and RGO shares I do have a vested interest
I suspect the RNS was in response to the Share Prophets article ...
"UPDATED: BREAKING: City source – Versarien “sounding out” for monster fund-raise at 18p
By Tom Winnifrith, the Sheriff of AIM | Friday 29 October 2021"
Not sure how Share Prophets manage to get away publishing this sort of article.