Member Info for mathsprof

So we have an AGM on Friday June 28, a deadline of Monday July 1 for signing off the new agreement, and a GM on unknown date to agree new agreement first.
Presumably the extra GM will also be on June 28.

I hope the notices of AGM will provide detailed resolutions to vote on - ie size of share authority...

Negotiations with EGHO must be very difficult - I don't see any light at the end of the tunnel yet. Perhaps VAL are stalling for time to get 201 info out.

Ready for striding edge?

I am pleased to see a lot of detail in the RNS. Let's hope that it attracts the attention of others outside the present SAR family. This news must surely bring the mcap closer to the previous £40m high mark - ie a SP of 1.35p. But will it???

Here's a bare minimum for tomorrow's RNS:

"We are pleased to note the SRRA posters presented over the weekend, and as a result look forward to the next milestone payments due to SAR in the near future."

I hope the BOD do a lot better than this.

Roses - I think you must be "to the manner born".

It's only when I-spy posts!!!

Yes, its very vague. I'm happy to wait until next week to find out exactly what it means, and the terms of the finance.

And I think the phrase probably means no more than this:

The funds from the subscription and initial monies from the convertible facility, will be used to conclude the current VAL201 trial and for general working capital purposes. The funds will also be used in the further development of VAL301, the completion of its pre-clinical studies and in the progression of the compound towards a Clinical Trial Application (CTA). Furthermore, should technology acquisition opportunities arise, ValiRx will apply funds to the strengthening of its pipeline.

No. The RNS says "drive to...". Not the same.

I have noticed in the last few days from the RNS holdings figures that EHGO has reported selling exactly half the big T-trade pair trades. So someone else or EGHO forward selling the next batch has made the other half.
I reckon EGHO are now 2/3 through their remaining 21.75m, and could easily clear them today.

Is this good or bad news? I have no idea.

WKNR

Perhaps we should be celebrating descension day today as well!!

Fairly obvious - what VAL has done for the last 10 years!

Sorry, I don't see what you're getting at. There have been millions of shares bought today, mainly of odd amounts. This points to PIs buying. How should I know why people are buying? A £2m mcap could look very attractive for a newcomer. The SP is ridiculously low - unless you are worried about insolvency. How does one balance up the risks of

another bad finance deal, or none at all
unknown (as yet) 201 results which could be brilliant or awful
401 LOIs that may or may not materialise into any money coming in in the near future ???

We will come to different conclusions, and if we are sensible, change our minds as information available changes.

Yes, I believe they are now selling at a loss, but only a very small one on the sales today if they are the sellers under 0.235p

The reason I think this is the make whole amount needs to be accounted for out of the initial 3 tranches, which if the SP falls to 0.26p or below means the whole of the £500k needs to come off the 213m shares. This makes the break even point 0.2347p, not the 0.47p you have quoted.

Now I agree the situation may well change if the deal is re-negotiated, but I can't see EHGO settling for less than a pro-rata fee structure if the only tranche issued is the first - ie (£278k+£500k)/3, shared now over 71m shares, plus possibly a £50k break fee should the deal be cancelled.

It looks to me that EHGO are now in more of a hurry to dump their remaining shares - they could well be cleared by the end of the week, but we will never know once they tell us they are under 3%. This would then clear the decks for any new deal with them, or for them not to be exposed to any problems incurred by a failure of VAL to gain new finance elsewhere.

My theory is that the sells in million multiples, always reported in pairs with a T trade, are EHGO offloading stock. I wonder whether the size of the trades are a function of the buys the day before, and actually the MMs are selling off their stock the day before each new sell appears. This ensures there is an orderly market, and they are not left with millions of shares they cannot sell on.
The trading patterns are so predictable - two large sells in the morning, followed by two smaller ones in the afternoon. Why does anyone buy in the current circumstances, when there is a high probability that the SP will be a bit lower tomorrow. And EHGO still have well over 20m to sell.

And at 0.275p mid, that makes the make 'hole fee £471k. Not much left from a £500k fist convertible tranche.

And the warrants on a bid of 0.25 that could be earned are just over 600m @0.3p (25% of £7.278m / 0.003)

Nice little earner for our "investor".

So our "investor" has sold down to 44.25m first tranche. And more more today no doubt.

Notice that one trade is a T trade, and the two form a matching pair. So I believe 1 large sell split in two that has been covered by the large amount of earlier buys all day, cleverly reported by MMs. No immediate effect on SP. but bid drops from 5.11p on relatively small sells afterwards.
I'm ready for more positive SP action tomorrow!

Why try to amend the quantum of the break fee unless there is some chance of needing to pay it?

Have you noticed that it appears the break fee is payable even if "the investor" doesn't sign? So should "the investor" get cold feet, than they can pull out with a break fee in pocket!!!