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A business operating as a going concern is expected to trade for 12 months or more without any threat of liquidation. Going concern means it does not appear that the company is at risk of closing due to insolvency but instead is expected to survive and thrive.
SNG have a decent cash balance, they may be short to complete
the trials if there is a delay, but I don't see an issue as a going concern
this year. Next year who knows!
Tommy
I have never said that... What I have said is that I think it
would be better to do a JV/Deal after our P2's when we
have a stronger negotiating position. If we are forced
to do a deal beforehand because of a lack of funds, then
we will be at the mercy of a BP and they will take full advantage!
We have been told we have enough to do our planned P2's
and I hope this is the case, this is the wrong time to do a deal IMHO!
We need conclusive results and a good deal to do a P3.... In 2022
at the AGM RM famously talked about throwing darts to explore
opportunities.... Well he failed as nothing materialised.... My
other worry is that RM will not be able to negotiate a deal that suits him and
we will be watching from the sidelines as he and our overstaffed
team drain our remaining cash in wages and pension contributions...
If there is one mention of still working at pace/haste in our results
update we are in trouble! As I have said many times RM has a conflict
of interest... Throw everything at our P2's and hope for success or
play the long game and protect his huge salary for a few more years..
My gut instinct says we will be told they are waiting for the final
UNIVERSAL results in order to finalise the design of our trials..
They will sell it as the prudent thing to do.....IMHO!
Fruits
I said "if" so how is that true or false?? Get a grip!
Any deal with a BP will be waited in favour of the BP,
Milestone payments are common but they protect the BP,
they are limiting their risk. Seriously, what BP would leave
RM to run things if they invested? His track record is appalling..
Took too many risks on SPRINTER succeeding, we are still paying
staff with no job role... Board all took a 100% bonus from the placing
for what??? RM will be negotiating any possible deal... Will he turn down
a good deal if it leaves his position unsecured??? Yes IMHO! We are
a minnow in the Ocean full of sharks... With RM at the helm..
Water, water, every where,
And all the boards did shrink;
Water, water, every where,
Nor any drop to drink.
The P
You are right, but if we Partner and give away a significant
portion of the company away in a deal TGF would no
longer have control. We are not in a good negotiating
position without conclusive P2 results, and if we do not have
enough funds, then we have limited options. TGF will
no doubt look after their significant investment here,
that may or may not benefit us. But as things stand
TGF are locked in as much as we are, I think it all
hinges on our finances and ability to do P2's without
a partner/fundraise of some sort..If we clearly cannot
start trials due to a lack of funds then that is a serious
issue for all invested...
Many CEO's give regular updates, even when there is nothing
significant to report, and shareholders have a right as owners
of the company, to expect to be kept updated. Tommy, there has
never been a suggestion from SNG that we need to Partner for our P2's,
we have been told we have sufficient funds. I imagine RM
would like a Partner as that would mean existing funds last longer
even though we would have to give away a large slice of the pie!
I genuinely worry that RM and the Board will put their finances
ahead of shareholder interest. We cannot go onto the NASDAQ
as we do not come near the criteria to apply. The big question
raised is the one of delisting, and that is a concern as it
would be a disaster for us trying to sell. I think if that were suggested
the SP would tank as many try to get out. TGF will have a view on it,
but I doubt they could stop it. I note the CEO of SuperDry has also
recently suggested delisting and PI's are furious... As RM seems
to find PI's an irritation, nothing would surprise me, but I really
hope that is not on the cards!
This will have been written by a PR firm when the
website was re-designed. Naturally they go for a
narrative that suggests we are much more than a
small research company. It may well work on new
investors who have not been on the journey that LTH's have endured.
But I think it has the opposite effect for those of us who have
seen wasted opportunities, broken promises and a distinct
lack of respect for Pi's who have backed the science, paid
the wages and do not even get a 6 monthly update! The
results RNS has never been such a key event for shareholders..
We wait to see what our financial status is, and confirmation
that our trials will start in H1. If not can we rely on our "World-Class"
Partners to come to our rescue.... Words are cheap a lack of
progress will be expensive!
Unlike us TFG will know exactly where we are in the process to starting
our P2's and what the finances are. I would not be surprised if they are now
looking at an intervention as they have given SNG over 2 years to get
back on track... Of course that will not be shared by SNG to mere PI's
but if accurate it may be a good thing.. As I have previously said RM
has a conflict of interest...Let things drag on and keep getting £350K a
year from existing funds or risk the lot on P2's and put his job in jeopardy
if the results are not conclusive...! Many of us have lost respect for RM
as our CEO, have TGF run out of patience...?? It is possible more staff
have gone and as they were not Directors it was not reported!
Before Fruits and Tommy intervene, yes we are still in H1 so we
could still be on track, but the lack of any social media posts/tweets
and results later than last year does not give a positive impression IMHO!
My gut is that SNG will say they are waiting for final UNIVERSAL results
and make any delay look like being prudent rather than incompetent!
He is on our website as part of the Senior Managment Team..
I think it is reasonable we should be told he is departing... Maybe
he was pushed and SNG would rather not say anything.....
It seems there is a clearout at SNG..... ! Are TGF taking a more
active role ??? Maybe TGF have been asked to support
the P2's or a JV is being discussed and the surplus staff
have to go......I'd say something is going on... RM has
been adding to the team since SPRINTER so If there
is an obvious cull I doubt he is the instigator!! IMHO!
GLA!
It should at the very least get a mention in the update with results..
Looks like the new CFO is slimlining SNG... HOORAY!
It is a shame this was not done years ago. It could also
be TGF playing their hand if indeed money is short for
planned trials and a raise has become inevitable..
The waste of the placing funds has been frustrating..
Paying staff who clearly had no role after SPRINTER
results was a huge mistake... Let's hope the new CFO
can get us through the P2's without the need for
a significant raise. As April draws to a close with no
results or updates, I will be surprised if we are told
we definitely have enough for the trials and get
a H1 start date.... But you never know!!
IMHO
Results are going to be later this year..Why?
They require an update and I am guessing
there is not yet anything positive to report.
He cannot do a working at pace story at this
stage, and must confirm that we have the funds
for upcoming planned trials... I assume funds
are needed and he is trying to secure a deal
that will resolve the funding issues before
releasing results. The pressure is on...!
Maybe Paul Hollywood will come to our rescue.... :-0 !!
There is a difference in being open to interest/offers
and needing it to survive... If RM has allowed us to get
into the latter position we are toast! If I were a BP interested
in taking SNG forward, why would I need RM..The Board or
the huge staff with nothing to do all day.... So as RM is our CEO
and the one doing the deal what will he do??? Give away
a huge slice to preserve his wages.. Such a conflict of
interest here...and PI's will pay if we need a JV...... Without a doubt! IMHO!
My guess is a JV if they do not have enough funds...
It would be a shame not to do P2's alone and
then a JV for a P3 .. Question is do the Board
throw everything at P2's take pay cuts get rid
of staff we don't need to get us through to results
and believe they will be conclusive... Or is their
priority funding their wages and a JV suits their agenda
but not ours! They have told us they have enough...
Let's hope they try to deliver on that!