RE: I see two possibles...16 May 2026 11:56
The $30million was received in 2025. just because they announced it in the full year update doesn't mean it wasn't in the bank already. when they stated £12.4million left in jan 2026 that money was already spent. it's what kept the company going to today!
the only fallback option they have on a placing is to sell the remaining 49%, valued at about another $30million. but there's a big problem there... there is now legal restrictions to selling assets completely to China when the company also has connections to US companies. same, i think, in the UK. plus, it's very apparent that their cash burn doesn't get met by even a rising revenue (not profit, you understand!) so the money will get used up.
they'll be lucky to get £15million for it but then they don't receive the dividends and that's the last of the expendable family silver, except for the ip on their tech assets.
they bought in a second broker just recently... that was either to find a possible buyer OR to get a placing away.
if the sp gets anywhere close to 20p then i expect a placing to follow immediately. if the interim doesn't at least match the results then they'll be another pharma company with excellent assets that get cherry picked by someone like Boston.
they don't have a big enough reach with their sales team to get the revenue they need. boston has that...
they CAN sell their 49% but that's it... they then have the cash for another 18months but... so what? they need to triple/quadruple their sales to cover their costs.
stripping out manufacturing feels like house-clearing for a sale.
if i'm stating anything incorrectly, feel free to challenge me.
i'll be looking for 20-22p on interims... and if they announce a jv with someone like boston to grow sales then there's a chance of double that in the coming... 18months?
but i imagine even the ii's are getting concerned that turning this around to former glories, even with the stunning assets they have, is longer term than anyone wants to see from this position. and i'm assuming that, after 10 years they've already made their conclusions about the future.
guess we'll see who's right.