RE: Pedigree10 Jun 2021 11:00
Hulver, I take it your talking about the Mint loan? If so agree, I and many others wrote emails with our concerns about the CLN financing at the time to the company so due diligence and safeguards should have been built in. It was a mistake to take and we probably trusted vlad too much to make the right decisions about financing when in fact he excels in the lab and does not have the business experience. Does not excuse the failure to build in safeguards but for what its worth Mint did say they were long term investors, they did lie, Hemos mistake was not making sure that they could not convert below a much higher price. Vlad also seriously misjudged the market, the £60mil was never going to be drawn down, it was more of a status symbol, like photos of helicopter, or champagne. It was supposed to be a signal to the big pharmas that "Hey, we are not a micro pharma, we have access to the funds to do this on our own, treat us like equals or we walk away."
The loan itself is or was on paper a good move for the company, you can fault what happened afterwards but alot of things had to go wrong to end up where we are.
Had the mCap not tanked (or been tanked by a concerted effort by some) then the first £12mil could have been drawn at 15-20p, a fair SP at that time had Vlad and the PR been on the ball and really promoted the company, had Mint then converted and sold down 12mil with an mCap 50-60mil it would only have been maybe 20% more shares, the dilution would have been minimal and it would have been absorbed much faster.
In terms of the placings not being open to all investors, if anyone wants to take part in placings they need to take the time and register, sign up with a broker who can do placings and be prepared to invest lump sums. I can confirm that some LTHers here did take part in the recent one. Just regular PI;s who took the time to ring up.
PR- Totally non existent last year, totally agree with you on that, absolute disgrace, Vlad wants to let the science do the talking? Not good enough.
We have been told that the Mint loan, DESPITE the fact it destroyed the SP has delivered and the very fact of having access to the cash has meant the company has been able to make advances. We dont yet know what that means, you have to just take Vlad at his word, he has made mistakes but he is honest.
In terms of questions for GM:
Why if the placing was so over subscribed (IT WAS) did they do 1.5p and not 1.89p as per CLN conversion rules.