Member Info for moonparty

To buy within a whisker of the placing price currently - picked some up this morning at 46.25p

Konar, something still doesn't add up - why convert now? They effectively have the shares at 6.2p via the CLN, they can convert at any time and they get the interest payments until they convert. There's no financial gain for converting now unless:
- they intend to sell come
- they count towards OO
- something that we don't quite understand to do with voting rights

Anyway, we're going around in circles now. Take your choice from the above, or possibly:
- some skullduggery that we are not aware of

What is Vulpes / Redmile combined holding ?
Will they in a position to push through a takeover ?

RR, good point, not sure if there is exception though for new shares issued? Possibly in the small print somewhere.
There is definitely something going on behind the scenes that is not yet clear. It's all very interesting and exciting, and I suspect will end in a sp much higher than 13p!
(IMO of course)

rats, Scancell already received the million quid in exchange for the CLNs back in August - Vulpes have now materialised the CLNs into shares. Scancell will save on interest though.

IMO, that has to be the reason. Why else sell now? Surely not to cash in profits so soon - if that is the case, the timing is terrible, and I don't think the board would be impressed.
So basically, they are materialising their loan notes into shares at 6.2p (16,393,442 shares) because that will enable them to subscribe for an extra 607,164 (16,393,442 divided by 27) shares at 13p in the open offer.
If so, this is a massive vote of confidence.

By rights in the open offer, I mean the new shares would give them OO entitlement. That could be it, they want as many OO entitlements as possible.

The only reasons to convert them, that I can think of:
- with the intent of selling some or all of them, to materialise some profits.
- not sure about this, but do CLNs come with voting rights? Could it be to secure voting rights?
- does owning the shares (rather than the CLNs) give them more rights in the open offer?

Lucky you! Seems to depend on the platform - I think some do a pooling arrangement and some don't. Who are you with?

Not sure, lots here seem to be applying for excess, so assuming the large holders all take up their entitlement, I think it could be the same as last time. Last time we got about 20-30% of our excess, so maybe a bit more this time, my guess would be 30 - 40%

morning shareguard, I have wondered if the raising was a protection against a low offer for the company.
But I thought the BoD had to notify on offers? Maybe depends how formal it is?

C7, it's easier to see the big picture from up here :)

Awesome post Chester, very eloquently put.
The 'war chest' will also ensure any low-ball takeover offers can be rejected with 'Thank you, but we've got enough money to get to a much higher valuation on our own. Come back with a proper offer'.

Any by low-ball I mean anything less than 2 billion :)

On the II platform they have the open offer ready and you can do it all all online. Just like last time.
I have put my order in, but only asked for a small amount of excess shares this time, just to bring my holdings to a nice round number :)
24th October is the cut off date for submitting the request.

I think today is the offer date, so people can sell shares today and still retain the open-offer credits to buy 1 for 27 at 13p.
Good opportunity to buy if you are looking at starting / increasing a holding. I expect the OO to be oversubscribed so chances of acquiring many shares in addition to the 1 for 27 are not good.

My thoughts on the current situation, for what thy're worth:

Clearly nobody outside the Keras government new about the sudden beauracratic change (or at least knew the exact date), and it was just plain bad luck it happened when it did.
Can't really view this as bad management if Keras were not in the loop - and there's no reason they should be in the loop. A single permit for a single resource company is small fry to your average minister. It's easy for us to think we are hugely visible and a massive priority, but I suspect the truth is far from it.

The new cabinet seem very young, and as such they are going to be both keener to achieve and more cautious. They will need to review all the information on Keras before signing off the permit.

IMO, management are doing exactly the right thing - they need to keep up the work, constantly proving what a great oppportunity it is.
They need to be visible, make as much noise and be as much of a nuisance as possible to the relevant people in authority.
Whoever is in the 'responsibility chain' for signing this off need to be confident that Keras are experts and can deliver, and that it will be beneficial for Togo.
Most of use here know this to be the case, but we probably have more knowledge about the situation than the new government do, and to be fair, all we will lose if it's a bad decision will be a few quid, not our careers.

I sincerely hope the next visit in November will bear fruit, but if it takes another couple of visits, so be it - the Keras management need to keep applying the pressure, being visible an forcing the case.

Still very excited about the prospects, risk/reward here is awesome. Will be adding more if it goes below 0.12p

It's looking possible. Those selling first thing must be kicking themselves!

in the bank. Vulpes just gave the biggest validation of the science, and, IMO, are giving invaluable commercial input.
Little disappointed the first commercial deal looks like it has been kicked down the road a bit, bit this is still awesome news. How many AIM biotechs have this level of funding?

Sorry, better add "In My Opinion", if he reads this he'll probably throw his toys out the pram.

Yes, he's basically running a protection racket for AIM companies :)