Member Info for NickE

WSG have a solid base and possibly even ebitda profitable with next to nothing in the m/cap for one of the MOU's or the ME contract to be delivered. The relative solidity of the Company with current trading and the success WSG have made of SL through previous testing times should give them a a solid platform for contracts in other parts of Africa. As H&N says WSG do need to deliver one to get the credibility and market appetite for the stock. A smaller airport security contract would set the shares flying and then the ME contract could easily see 100p plus a share in my ramping , I mean humble opinion! Lots of opportunities in Nigeria with build, operate & transfer and this includes ports as well as airport projects. A lot of these are build, operate & transfer infrastructure projects but not all and with WSG having such an active local partner subsidiary then the Company looks to be in a good place to pick up contracts beyond the more basic security guard hire ones. Also, the extent of the projects highlights Nigeria's willingness and need to enter into innovative private / public funding partnerships. The recent 750m UKEF funding package for contracts for Nigeria highlights the potential opportunity here.

This one may already have been posted? https://www.justjobsng.com/2018/01/business-development-manager-at-westminster-security-solutions-nigeria-limited

Feeling positive with WSG despite the low volume share price drift. Decent tech contract & SL increased revenues are beginning to under-pin the existing m/cap which makes holding for the long awaited substantive uplift from the ME contract much more comfortable to wait for. WSG are recruiting in Nigeria and I see UKEF are providing export loan support in line with the British Govt & the Trade Envoy's efforts to develop close economic ties. https://guardian.ng/opinion/uks-increased-collaboration-with-nigerian-businesses/ 750m earmarked for Nigeria by UKEF in Feb this year. Also of interest in this context - especially as the recruitment number is plural :- https://www.justjobsng.com/2018/04/professional-security-guard-at-westminster-security-solutions-nigeria-limited For interested applicants, Westminster Security Solutions Nigeria Limited is recruiting professional security guards (male or female) with excellent customer service and security skills to join our tight-knit and highly regarded team. https://www.justjobsng.com/2018/01/accountant-at-westminster-security-solutions-nigeria-limited

I think we will have to agree to differ on this specific Hugh but agree that the outlook is exceptionally good. N4P are saying that the efficacy, nuclease protection and toxicology studies (whether it be for AZ or any other collaboration N4P establish) will be completed this year in their 'advance towards commercialisation'. They say much of this work will be completed this year. One of the attractions of N4P is that, despite their low budget, they can tap into the knowledge of ex AZ consultants who will know precisely what big pharma wants before they sign the lucrative commercial licenses. It looks like the feedback is that potential licensees want to see the results of the studies before signing high value deals. You obviously think licensing will come before these studies are completed. I tend to think big pharma is far more conservative than that and these tests have been put in place specifically to satisfy them based on direct feedback from potential licensees and the ex AZ people N4P link with. I wouldn't envisage that lucrative deals would be signed before results on toxicity, nuclease protection and efficacy. N4P are obviously doing these studies for their stated reason - namely to get Nuvec into a commercially ready state for lucrative licensing deals in 2019. Meanwhile this year I anticipate numerous collaboration / evaluation agreements.

Hugh, with respect I don't think you are reading my wording. Yes, as I have said a few times, invaluable collaborations this year but not commercial licenses until 2019. The former should pave the way for the latter in 2019 after much of the development programme has been completed this year. The timeframe for N4P to have Nuvec in commercially ready status is much less than most pharma products take whether it be drug or delivery system development. That commercially ready status in 2019 will give the potential for multiple high value licensing deals . On that basis N4P is in my view significantly under-valued. To be able to do this on such a low budget and a relatively quick timescale is impressive and adds to the low risk / high reward investment case. It's unproductive, however, trying to change the meaning of clear development timescales expressed only last month by the Company itself who give detailed specifics in terms of duration and the necessary works for the 'advance towards commercialisation'.

Hugh, yes they can do evaluations and collaborations as I anticipate this year but they can't commercialise until Nuvec is ready to be commercialised. The Company state that 'much of the work' necessary to 'advance towards commercialisation' will be completed 'by the end of 2018'. It's there in the rns announcement of 8th March. I am talking about commercial licenses with significant downpayments and milestones. I am happy to wait but I don't think it helps to raise expectations that conflict with the development stage timescales announced by the Company state. This what they will do this year prior to achieving commercially ready status for Nuvec :- 'Over the coming months, the Company proposes to carry out the following work on Nuvec(R): -- Demonstrate human primary cell transfection, crucial to understand the mechanism of action; -- Investigate the degree of nuclease protection achieved; -- Demonstrate pre-clincialefficacy; and -- Undertake a pre-clinical toxicology study to further understand the impact on the body of Nuvec(R) particles following subcutaneous administration.'

Hugh, I'd love that to be the case regarding Nuvec but I manage my own expectations based on precisely what N4P have put out via rns. It's somewhat different than your interpretation. They say Nuvec won't be commercially ready until the end of 2018 and, even then, there is the caveat of 'much of the work' so there will still be a bit more to do. That's good if N4P have started trials for Sildenafil. I think having announced they would commence the trial at the start of the year it's only fair to investors to announce a revised start date. Surely if they are starting later than their original projected date then the trial will finish later than envisaged? Investors can only get a handle on that if N4P communicate. It's not too material as N4P have had the useful cash from the warrants coming in but the onus is on N4P to put out accurate information or correct it if timeframes have slipped a bit. On Nuvec - if we look at the Company statement from early March it says : - 'the Company has embarked on an internal research programme to expand the dataset required in order to advance Nuvec(R) towards commercialisation... The Company expects to complete much of this work by the end of 2018. ' That suggests to me that we shouldn't raise expectations of commercial deals until 2019. I am confident though that more collaborations / evaluations will come this year and, looking at the advantages of using Nuvec, these should turn into commercial deals in 2019 when 'much of the work' required to 'advance Nuvec towards commercialisation' will, to use N4P's own words, be completed.

Thanks Forrestdreams, I see you are also in STAR which also looks promising. I notice the warrant exercises have dried up and that might be related to the Beaufort issue so any N4P rise with good news won't necessarily have the brakes that the warrants put on it previously. I would like to get a handle on when, realistically, Nuvec will be ready for a commercial deal and also a revised time for Sildenafil commencement and completion. The market will want to see some clarity on both before taking it up to the next level. As soon as N4P sign for Nuvec that is a commercial license with even a fairly modest initial downpayment then that's when the stock will take off. Stocks like NANO have been mentioned by Hugh before and they command a quite chunky M/cap (currently 108m) but only did so after commercial deals. I think N4P will follow suit post an initial commercial license. It's easy to lose sight of what a compelling reasonably low risk / very high reward stock this is but it will require patience from investors as things are not as Nigel relayed and hoped they would be in November last year. Things always take longer in pharma world than everyone anticipates.

I think N4P is a great medium term hold with multiple products potentially bringing one of those elusive ten baggers from here. Obviously Sildenafil and Nuvec are the most advanced. I will say, however, the Nov presentation was a bit out of kilter for both Sildenafil and Nuvec in terms of raising timescale expectations compared to the rns update. It was a great presentation in many ways but did put certain timeframes in the public domain that aren't accurate. I'm a bit disappointed by that. Hopefully we will get an announcement confirming Sildenafil trials have started. N4P said they were going to commence early in the new year with results in April. They hadn't commenced the human in the last rns so if results were going to be April with an early new year start then presumably they will be some way off if they haven't commenced yet. Perhaps they have started but the start hasn't been communicated. I think Nigel is a bit more savvy than that so I assume they haven't commenced. The November presentation also gave a timescale expectation for Nuvec's readiness for lucrative commercial deals rather than just collaborations. The Medimmune collaboration sets up N4P very nicely but the presentation indicated high value commercial deals at an earlier stage than I think is likely given the detail in the rns update. The last rns indicated there was quite a bit of development work still required for Nuvec whereas the Nov presentation made Nuvec look pretty much in a state of readiness for the multi million pound commercial licensing deals Nigel has hopes for in the future. We also haven't had the Nuvec differentiation study results that the Nov presentation suggested was being under-taken. There does seem to be a communication problem issue for Sildenafil commencement trial dates, Nuvec differentiation study results and timescales for commercial Nuvec deals as opposed to collaborative development deals. It's important to manage investor expectations and the last rns did that. I have reigned in my own timescale expectations as rns information will always take precedence over details put in a presentation. I still think, however, the medium-term outlook looks good and will reward shareholders.

Today 09:36NickE, re Gavin's options. He had 10,804,840 options at 0.7 pence pre adjustment so 10,804,840 �800�200=2,701,210 exercisable at 2.8p until the 14th October 2025 -------------------------- Hugh, thanks for that. A very generous option price. There is good liquidity in the shares but I'd imagine Gavin Burnell will be happy to see how things pan out and hold. Also, there will be small cap funds who wish to get in and should GB wish to sell in the future then there should be interested parties. One of the things that will appeal to funds aside from the positive outlook for the stock is the liquidity. Recently, for example, Miton Group exited Starcom and their holding was taken by Myles McNulty who also holds here of course.

Banknote they are not 'pumping out the warrants' if you are referring to the Company. You're not the only one to misunderstand how warrants work. Approximately warrants 21m were issued to participants of the placing on admission in May 2017 and it's up to individual warrant holders when they exercise prior to expiry date in a year or so. There are about 11m warrants remaining to be exercised and not all holders will sell the resultant shares or necessarily any shares they hold prior to exercise to pay to take up the warrants. Some will and some won't Also the remaining warrants will bring in a further very useful approx 900k if all are exercised as they almost inevitably will be.

Hugh, the Company said in July last year the Company announced that the Sildenafil "Pilot Trial is due to take place in early 2018 with results expected by the end of April 2018.' As they haven't started the trial yet then I expect results a little later in the second quarter than April. I don't think April is realistic and it's best to be conservative in expectations. It's not really material in the overall timescale towards regulatory authorisation. I think N4P will then choose to do the remaining work themselves to take it through into 2019 / 20 for regulatory / marketing authorisation. this would then enable them to get a double digit royalty deal rather than around 5% post initial human trials. Who knows perhaps there will be a possible rights buy out of this product at some stage before regulatory approval is sought. Yes, Stockdale may do a broker note and it's probably better if N4P preserve cash rather than get a second broker. You mention Gavin Burnell's options are at the old price - do you know the specific price after the share reorganisation and is it 10m in number or is that adjusted as well? You're right, 3rd May for the end of the lock-ins and as you say there is an obligation for any shares released to be done in an orderly manner. Patents - even if the broader claims are not permitted then n4P should be able to narrow down.

Final points were - may do a small placing later in the year for next stage Sildenafil trial. Could easily be avoided with warrant money coming in and potentially grant money. A step-up with a new broker who could do a note that is on a par with the one produced by AIm Chaos. The removal of Beaufort might be a blessing in disguise. As with most companies things might take a bit longer than anticipated but given the low cash burn and multiple products in development than my view is patience will reap rewards.

The company looks to be one of the best risk /reward profiles on AIM. I've listed my view of the bull and bear points. The bull points massively outweigh the bear points imo but I'd still like some confirmation /clarification from the Company in due course that they are :- a) Still on course for potentially lucrative licensing deals for Nuvec at the back end of this year b)the patent issues raised in the admission document are just routine standard risks and not a concern c) the end of the share lock-in arrangements next month will be handled in an orderly manner. It would be good to hear that the Company is planning ahead and their representatives are linking with funds in the event the likes of Gavin Burnell wishes to sell either shares or exercise and sell his options. If he does then it would be a good opportunity for small cap funds to take a position. BULL POINTS Low product development cost / multi product company meaning much less risk than most pharma companies. Low risk as not a one trick pony. Very low cash burn. Current products in devleopment: 4 initial product reformulations for blockbuster markets. Each market having a minimum annual sales of 300m Seemingly superior Silica nanoparticle drug delivery system for multi billion vaccine anc cancer therapy market Medimmune / AZ collaboration is a great endorsement of Nuvec prospects Nuvec has countless advantages over current lipid drug delivery system Excellent experienced management led by Nigel Theobald Thrifty / low cash burn company Reformulated drugs are vastly cheaper to bring to regulatory approval stage yet have the same rewards. Excellent arrangement with company that have provided the patents All four of the intial reformulations are for blockbuster markets Warrant money is useful and will pay for some stages of the Viagra reformulation trials. Exercise of warrants hasn't prevented the share price from advancing. Good analysis from AIM Chaos who have an excellent record with their small cap selections. Viagra reformulation could produce a 'company maker' deal later this year if trials go well. Nuvec can bring in licensing deals with decent upfront payments towards the back end of this year or earlier. Takeover prospect Highly liquid share and exercising of warrants have provided both funds (and avoided any placings) and liquidity. BEAR POINTS A bit behind with small-scale sildenafil human trials. Was due to start in first quarter but now die to start in April. Lock-in arrangements for shares held by the Gavin Burnell and other current and former directors ends in April. Gavin Burnell appears to have 10m options exercisable at 0.7p * Need to check if these figures are before or after share reorganisation. Some patent concerns raised in the listing document pages 50 to 55 https://www.n4pharma.com/sites/default/files/documents/n4-pharma-admission-document.pdf Not really a bear point but may do a

Chartist, you also wrote "Nigel would have never accepted the repeated and flooding with new shares issued if he did not know the Sp was getting overheated and that it was ripe for harvest." Do you know what a warrant is? If so, why did you write the above nonsense. You either do know about how warrants work and were hoping some innocent investors were spooked by your garbage or you don't know and if it's the latter I suggest you buy a 'shares for dummies' book before investing. Sorry to harsh if you really are naive but if you aren't then you need to have a serious think about basic scruples.

Chartist, you did say that and the best advice is 'when in a hole, stop digging'. The pointless 24.1322445566 entry level posts clogging up the board are a bit tedious but falsely claiming a CEO has sold when he hasn't is more than tedious -it's just plain stupid

Chartist, are you being serious when you suggest Nigel T. sold some of his holding? It's incredibly naive if you really think that. Of course he didn't, his holding just decreased in % terms because the number of shares in issue increased after exercising of some of the warrants. His holding in numerical terms actually increased because he received circa 5m performance shares after the share price remained above 15p for a consecutive number of days. His % holding will decrease as warrants and or options are exercised. If all are exercised then I calculate there will be approximately 117m shares in issue. In the admission document it states Gavin Burnell is listed as having 10m options at 0.7p but that this exercise pricing (0.7p) was before the share reorganisation. For clarity does anyone know the figures post share re-organisation?

Makes a long but very informative read with essential detail for all long-term holders :- https://www.n4pharma.com/sites/default/files/documents/n4-pharma-admission-document.pdf Some excellent information in the Technology Experts Report pages 59 onwards that goes into great detail and highlights the significant value in detail for the various products. Also detailed information on patents in application (pages 50 -55) . Medimmune must have confidence in the patents for Nuvec and done their due diligence to have signed the collaboration deal. I think Myles McNulty will have used this document as a main source for his DCF valuation. Hopefully he will do a new valuation to include Nuvec now that the Company have updated on strategy and timescales.

Lock-in for certain shareholders ends on 13th April (12 months after admission) but I can't see any of the following included in the lock-in agreement relinquishing their shares for some time. Also I would imagine one or two small cap funds must be taking a look at N4P. The only shares I envisage being sold will be the Beaufort shares and that won't be for some time due to the administration process. Aside from the attraction of N4P'S products and prospects one of the reason small cap funds will be attracted is the unusually good liquidity. Lock-in for share holdings expires 13th April 2018 Gavin Burnell listed as having 892,857 shares � lock-in ends 13th April Luke Cairns � can't find his holding. Assume minimal Professpr Mughal 2,808,130 shares (most not subject to lock in and he hasn't sold despite being free to do so.). Stockdale Securities and Beaufort Securities 490,655. The Beaufort shares will be in the hands of the administrators and are a relatively small number. https://www.n4pharma.com/sites/default/files/documents/n4-pharma-admission-document.pdf

Good solid announcement today with plenty of detail on the plans for Nuvec. I'm trying to get an estimate of the potential number of shares in issue if options and warrants are teken up with information taken from the admission prospectus. I make it potentially 117.6m but dyor please. If the majority of options and warrants are exercised with existing cash combined with Nigel's thrifty control of cash then I don't envisage N4P will need any funding for Sildenafil trials. . Even Nuvec development may fund itself via grants and further collaborations as implied by the rns today. Current shares in issue :- 89,083,710 Warrants Approx 11.5 m warrants to be exercised. These warrants relate to 1.5m funding with 21,428,571 shares placed shares issued (one warrant at 8.5p for every share issued) Stockdale Warrants 1,252,941 Ordinary Shares 8.5p. Beaufort Securities warrants 29,411 8.5p Total: approx 12.78m potentially raising 1,087,000 m Options Gavin Burnell 10,804,840 (expires 25 Oct 2025) exercise price 0.7p* Luke Cairns 2,701,210 (expires Oct 2025) exercise price 0.7p* Exercise price is pre-Share Reorganisation Paul Titley 1,428,571 Exercise price (admission price) 7p Expires 13 Apr 2027 David Templeton 714,286 Exercise price 7p Expires 13 Apr 2027 Approximately 15.7m options not sure how much these will raise as haven't calculated the correct exercise price for GB and LC. Approximately 117.6m share in issue if all warrants and options exercised. Figures taken from https://www.n4pharma.com/sites/default/files/documents/n4-pharma-admission-document.pdf