Member Info for NicetoMichu

the underlying shares have to be issued first for the derived ADR's to be created off the back, I guess (happy to stand corrected)

Hopefully this 3.9 p price acts as a worst case floor for the current s/p, at least.. including a base level for the next raise, which i'd guess will be early new year....but could be before that if a potential investor knocks hard on the door for participation asap (and at these prices, especially including warrants at such low strikes, they might and management might be happy to bank the cash too to be better future funded asap etc... and very hopefully a higher overall - shares and warrants - price is achieved for next raise.. but it may not be and a lower price again cannot not be dismissed)

Obviously I'm very disappointed by this latest raise level but it's done now so c'est la vie, and development is funded for a while longer off the back..so I look forward and that brings my next concern to the front of my concern queue here: Possible Woodford shares sale - if in WEIF, which Viveka has shown they may very well be, but absolute confirmation is awaited on that - hopefully a block buyer 'off market ' can be found for those.. I guess there will be such a block buyer(s) found but at what price is the key question.. if I had to guess it would be somewhere around 3.9p ..but higher would obviously be great and lower is a possibility.

Finally, the CFO buying as he did ahead of this raise is surprising/strange indeed..left hand not knowing what right hand doing a possibility, but that's unlikely.. naivety as to the workings of AIM a possibility too and of course there are other possibilities eg a 'statement' vote of confidence in the firm to take a short term hit as not a big thing versus the long term potential for this s/p for eg.....other possibilities too of course.

One last point if I may:

Woodford participated fully in the raise to save to co approx. 10 months back.. so he has a shed load more shares after that - from 12m up to 80 m very approx. off the top of my head - so he may have put some of those in WPCT instead of WEIF ? .. and or he may have reversed the transfer of the original shares during 2019 either.. ie back into WPCT.. (A lot of the illiquid names were sold by him from WEIF to WPCT, I read, - worrying in itself -to raise money during that many month suspension period of WEIF pre announcement of shut down .. in the hope of re opening and have cash to pay large backlogs of withdrawals requests pending.. etc

Of course he may not have.. wishful thinking etc... Link funds would be the people to confirm absolutely the final position here at time of shut down of Woodford Investment Management .. much appreciated If anybody has an in there to make that enquiry eg anyone here own shares in WPCT and so have the right to know its holdings at time of transfer to schroders as new FM etc or got a report in post recently of holdings at that time etc ?

damn .. I wish I'd read your second posting before sending my reply .. very good sleuthing.. there was a lot of talk about him cross transferring and/or splitting holding between funds .. and there we seem to have an eg of it .. at that stage, from memory, there were about 60 to 70m shares in circulation and so 12 m would be all his holding, or there about's.. so he seemingly transferred the lot across.. in 2016 and/or 17 and/or 18... damn

You were right first time, seemingly/likely , Apols for incorrectness of last post : wishful thinking on my part .. and so a new owner will have to be found for all those shares … in due course..

A very - very - tricky share this

Thanks for that fine feedback Viveka,

BUT

See three points below for my feedback to you:

1)
The holdings were defo. originally all in in Patient Capital Trust I think and I cut and paste a piece here from motley fool to support that :
''
Neil Woodford Buys More 'Profoundly Undervalued' Allied Minds PLC, 4d Pharma PLC And Midatech Pharma PLC
The Motley Fool
Mar 18th 2016 8:55AM

The Woodford Patient Capital Trust published its latest update this week. In noting that the trust had increased its holdings in Allied Minds (LON:ALM), 4d Pharma (LON:DDDD) and Midatech Pharma (LON:MTPH), the update said that these purchases were made "at what we consider to be share price levels that profoundly undervalue the long-term commercial potential of these young businesses". ''

2) Link Fund Services are administrator for WPCT as well as WEIF.. so the transfer could have been for WPCT as Woodford had just resigned as FM of it ( as well as WEIF which he had to as was being closed down. )

3) on page 22 of that WPCT report it still lists MTPH as a holding AND the asterixis next to it are explained by a footnote that says stated as zero ''as rounded down''.. If you look at the s/p history, around that time the s/p was in the 5 to 10p range and there were approx. 6 or 7 times less shares in existence and so m/c I'd guesstimate was somewhere in 5 to 10m gbp range.. or less even ??? and so 19% of that might have been valued the 1 to 2m gbp range and for an 800m + gbp fund that's approx. .25 of 1 per percent ..which does indeed round down to zero ?

So, for now, I'm sticking with my guess of the full holding being all being in WPCT ? And indeed am somewhat more confident on that now. Do you now agree with this?

PS: Good to have a quality poster like you back posting here btw.. this board defo. needs more like you imho !

Do you know for sure that these shares were held in Woodford Equity Income Fund Viveka? (if yes, plase confirm some sort of proof here.. eg last published list of holdings in it ?)
They may indeed be but my guess/hope is that they are all in the Patient Capital Trust.. which is not being wound up and Schroders have just been given the Fund Management mandate of it to replace Woodford.

( pbody: extremely - squared - unlikely Brexit happens on 31st of Oct. now ? )

a seller about, clearly.. damn.. looks like you're right or going to be right dibs.. no idea how low this can go but if there's even decent sized ongoing selling then it can of course go much lower, alas.. wish I'd sold out now... instead i'm in here for a year more or much more now, I guess.. assuming the co doesn't capitulate completely .. oh well. c'est la vie..

I hear you yesman, but perhaps the biggest spreaders of false info are the executives of AIM Co's .. often not malicious but dreamy targets/timelines that are continually not met, or even close to met..also the accounts published are often a masterclass in the art of smoke and mirrors, facilitated by woolly accounting standards and auditors who don't drill deep.. etc

I've been very slowly adding here but unless meaningful further weakness this will only be a small bet for me this time around - been kind to me the last two times around - but I do get that 50p ahead of results could indeed happen. And more again post results, if good. Good luck to all fellow longs here

PS: 'Doom chimps' versus 'uber bulls' re who is the most dangerous to a PI's wealth is an interesting debate .. I've played a lot of AIM shares - long only - for a long time and it's a brutal game with far - far - more big losers than big winners and the uber bulls are by far the most dangerous of those two camps in my mind. For eg Ananda predicted 450p plus here not that long ago and, although he has excellent content, for that prediction alone he is the most dangerous poster on this board in my mind.. anything is of course possible and it would be great if he were even vaguely close to being right, but from my experience 95 out of 100 of such Uber bulls predictions on AIM BB are beyond extraordinarily wrong. ( and they often come from guys with strong 'technical' backrground in that sector/name but with little understanding of how AIM works.. a bit like the CEO's of AIM pharma/bio's indeed, but those CEO's generally take large salaries ongoingly along the 'journey' so if/when their dreams crash and burn - or even eventually get there but with so much dilution along the way that's it's awful for long term holders anyway - they've still doing well thank you very much )

god luck to you and me and George and Timmy - if he's still holding here - Silver.. this has been turning more and more into a hardcore gamblers share, even if plenty of holders don't care to see it that way, imho

a seller about clearly.. a real pity but only somewhat surprising..
I thought hard about selling 25% of my holding yesterday at decently over 5p.. wish I had now, of course.. and felt obliged to top up this morning at under 4.5p towards bring down my average price.. very difficult share this and my holding is growing bigger than I'd like in the circumstances - altogether, that raise price shocked me - but I'd still do one more top up if it goes under 4p though.. hope for the rest long/long suffering here it doesn't.. I'd probably sell some if this went back up towards my latest average price too as I would rather hold less of these going into 2020 in truth..

you might be right Ariel.. poo pushing on up in recent days and this is going down slightly .. this has turned into a punk of a share on a short term view, seemingly .. blast .. and it's now one of my top 4 oiler positions.. I'm in no hurry to sell, at least..

you've got to hope that the new II is a medium/longterm player here harry.. -but indeed there do not seem to be restrictions on selling those new shares .. or exercising warrants and then selling etc.. further frightening, again - and as if the tried selling any sort of volume into the market here now they'd smash the s/p to pieces, so I'm thinking they are 1 or 2 year out investors at least .... and indeed may even take up more shares in future raises...

And why wouldn't they be as there is still very good potential upside here in the medium term if pipeline drugs are approved etc.. eg after meaningful further issuance in 2020 and maybe 2021 I'd GUESS that up to 30p would be a best case scenario future s/p here .. that's a long long way up from 4 or 5p sill..

This came to market at very approx. 250p and woodford was an original or close to original investor here Boards :-)

Has today appointed Schroders as Fund Manager ( Woodford having given up the role recently) IF mtph are held in that it could be good news, probably..ie the trust is not being wound up for starters, great ...and hopefully they decide not to sell any of the mtph position at such low s/p.. and indeed may participate in future raise(s) towards bringing down their average price..

PS: Welcome good news this morning on orphan status achieved RNS too

Todays raise price was effectively the same price as the Chinese paid for their shares to save the company approx. 9 months back.. The Chinese also got warrants alongside too but at 50p (?) exercise price ..todays warrants are 4.8p ..and no I haven't got the decimal point in wrong place.. granted the size of todays raise is smaller but on a price basis including the warrants this raise is altogether much worse than that company saving one: Holy cow !!! Still at least the money in the bank means the show goes on..

anything is possible on AIM: it's a casino... but most all the time it's a bad or very bad anything for longs on AIm imho..( I used play a lot of casino blackjack and stopped to play AIM hard instead.. The odds on being long AIM stocks in recent years and winning is perhaps lower odds than winning on casio blackjack imho.. but you do get lots of do overs - eg average down or get out with small loss - and hold for longterm plays on bets on AIM, in fairness..and the occasional big win is the key on AIM....

I see myself as more bearish and cynical on this than the vast majority who have posted here in recent years.. I now offer that with the benefit of hindsight I feel I could have been at least somewhat more bearish and more cynical over that time.. and now feel it appropriate that I get more bearish and more cynical going forward here.. so apologies to all bulls in advance of the next 6 months at least..
Towards offering a positive I feel they will get more US II participation at the' top deals available here' rates they have today publicised.. so trials will end up well funded here imho.. the read forward to long term possible share prices might be salutary though.. very salutary..

Generally, I'm now even clearer that this will be remain a trading share for me and low priority in my overall p/f in 2020.. a pity..but hopefully I get to change my mind on that sometime later in 2020

you've lost me there boardsofuk.. as I read it , the warrants are for this latest US II as a 'sweetner'.. nothing to do with the rest of us.. happy to stand corrected
If my understanding is correct, this adds insult to injury.. the new investor get a very low buy in price and potentially lovely in the money in future warrants on top.. frightening really if this is what mtph feel they had to do to get such a raise away..

just did a top up here at just under 5p.. would only do another top up on meaningful further weakness, at this time.. hopefully for the rest of you long suffering there isn't further weakness..
at least they have funding secured for the short term.. I expect there will be further US interest II interest too.. especially at such lowly prices..very disappointing to me.. still the race is long here and via active trading this has been very good to me so far...very fortunately.. but a joke so far for longterm buy and holders I understand..

I'm shocked by the lowness of the raise price here and by the lowness of the warrants price, especially with a 5 plus years out exercise term . A wake up call for all bulls here, especially George.

If they are to do further short term raise(s) the benchmark price is now very low.. indeed shocking low imho .. hopefully they don't need more raises for 6 months plus.. but they may take up requests from other interested parties that might come forward soon at such 'bargain prices'

Thankfully I sold approx 40% of my position here at b/e recently when the CFO buying didn't help the price go up and have a smallish position only left and will add small to that today and again in the future towards bringing down my average..