Member Info for KonarA

I don't imagine the situation was helped by the fact that all of the questions could have been answered by watching the AGM video.

And no, before you ask, I didn't submit one.

confirmed Biontech partnership for TCR is still in place

Confirmed that we remain engaged in commercial discussions with major biotech.

i didn't hear that.

we know for a fact that it was Vulpes. They are the only major shareholder with the number of votes that fall within the number of No votes cast.

I think Vulpes only play now is to buy up stock from another II (calculus?) or buy on the open market. Either than or just accept the result.

Two II competing over SCLP. Its a welcome sight.

Indeed.. she is coming under pressure to quit as a consequence.

"I have read the “official” communications from Scancell. The list of things that the money is to be used on is no different to the list of things in the £15m August raise.
So what’s changed in 2 months to require an ADDITIONAL £30m?
Correct me if I’m wrong but following the August raise the message was we were “fully funded for two years”. I don’t recall them saying but on a limited subset of the projects mentioned previously or that there wouldn’t be enough to run them “in parallel”"

@Ruck I agree. There just was not enough to explain the need to raise such an amount of money so soon after saying they were fully funded. The argument that it allows us to run a multi target Modi-1 trial doesn't wash since they already said that was fully funded in august. SOMETHING happened between August and this raise, and my bet is a MaB development deal fell through. Its the only explanation for not needing Mab money in August whilst talking of a potential deal, and needing money for more trials in October.

https://www.thetimes.co.uk/article/vaccine-taskforce-head-kate-bingham-shared-uk-plans-with-private-firms-rtlzrz8v5

Anyone got the full text from this pay wall article?

Seems Kate Bingham has disclosed a list of candidate drugs being tracked by the UK government to an Investor forum in the US. Would be good to get hold of that video and see how prominent Scancell are or not on it.

the offer can be whatever they want it to be, it just has to be a minimum of the highest price they have paid.

Just a reminder that they only have to make you an offer.. you DON'T have to accept it (unless they get 90% of shares from the offer, in which case the remaining 10% are mandatory).

I think the danger would be if they offered something like 40 or 50p. How many people would accept the quick profit? For me it would cost them a lot more than that to buy my shares.

Just wondering, is it simply a case of timelines? Did Vulpes invest on the basis that they could get some early trial data from both Scib1 and Modi1 and have a deal delivered on those results - in around 12 months from now. Redmile are now here and talking about maximising the deal value by multiple products in trial, but possibly extending the time line significantly? Think just how long it has taken Scancell to get these two trials on the go, let alone multiple. Could Vulpes feel this approach is locking them in for a lot longer than they had anticipated or planned for?

I have decided to back the BoD and Redmile for voting for the resolution, and informed my broker. But I honestly think we should not be casting Vulpes as villains for this - they have backed the company with investment when no-one else was! Also, the BoD are now on the clock for delivering numerous parallel trials. I certainly won't be funding these trials again!

@c7 he may have deleted it because he realised it wasn't appropriate to ascribe nefarious intentions to a major shareholder without evidence. Unless of course he knows for sure that Vulpes voted emotively - something i highly doubt!

i think what it is also worth noting, is that Vulpes voted against because they believed that was in the best interest of their investment. In other words, they are not afraid to hold the BoD to account with their votes. If the upshot of this is that the BoD need to come begging the PIs for votes, maybe they will start to take us all a bit more seriously.

@c7 i don't think either way the main two trials will be delayed for financial reasons. I took the parallel reference to be in relation to SCIB2, MODI2, and the MABS. Given that they were talking about an offer on one of the MABS, and then shortly after asked for more money to take the MABS to trial to raise the value - i took that to mean they received a low ball offer that they knocked back. But that last part is obviously speculation on my part.

Without the additional Redmile money, Scancell still have £25 million in the bank. They can still take Modi 1 through phase 1 trials. If Vulpes believe, from their scientific due diligence, that Moditope is a blockbuster in the making, then they may question the need for the additional funding. The stated ambition of the additional money is to be able to run trials in parallel rather than series. Is this necessary if moditope alone will attract a serious offer from pharma?

i think you are misunderstanding that.. it says all the directors (except for diggle) consulted with Panmure Gordon to determine if it was a fair transaction. Diggle couldn't contribute to that as it would have been a clash of interest.

The RNS states 59% of the issued share capital voted on the special resolution. According to the Scancell website, the issued share capital is 738,591,704

738,591,704 x .59 = 435,769,105 votes cast

The RNS also states that the special resolution had over 70% in favour of the votes cast in favour, but not enough to meet the 75% threshold for a special resolution. So the number of votes against was somewhere between 25 and 30% of the votes cast.

So somewhere between 108,942,276 and 130,730,721 votes against.

Vulpes shareholding is 113,059,571. The conversion of the loan notes gave them an additional 16,393,442 which gave them enough votes to block the resolution.

@falsedawn - correct. They only have to make an offer at that price. They cannot force you to accept it unless 90% of share holders accept the offer.