Member Info for notaflipper

There's gone be a lot of emotional posts both here and twitter as well as potentially some emotional sells. Some will also bottom feed. Barnaby was preoccupied with a short on UKOG which made him a bit infamous for a while which turned into a long as it was mistimed and then back to a short. Hopefully he's done well as he has a big purse and make big trades. UKOG gone through an interesting ride. What will happen on Monday will largely be dependent on the RNS. As many are underwater I suspect most will hold for a distressed sale in the near term whatever it says tough. Some small PIs may panic regardless unless the RNS is written in coloured crayon on pink paper with printed unicorns. For my part I cannot understand why someone would place a large trade in the late afternoon rather than in the morning knowing there was a likelihood we could have gotten an afternoon RNS I don't think the BOD were as cynically criminal as some though they will always hold a special place in he'll for PIs already sold at a loss. Even YourGene are on a 50% loss having gotten the 25% stake @ 9p. I think they were expecting a mixed verdict from the start and thought it best to string it out and secure a commercial foothold. They've in the interim grown a global business with a 5%+ share of a potential billion dollar market. Do I think that still has value to TMO @ multiples of 4p? Yep. So they chanced a mixed verdict whilst they secured breakeven. Everyone has to be able to sleep at night and probably they thought well even in a distressed sale scenario we will still get TMO to clear the high water mark of their warrants maybe even higher which would see most (NIPT) PIs back in the black who've stuck with us. They'll also be those PIs and IIs who once the RNS is released will be looking to lower their average as they see the writing on Wall.

the only pertinent questions that are available to PIs so best to concentrate on the likely scenarios. Reading the transcript to me it seems that the Judge felt that Premaitha didn't feel that there was an abuse of legal process or competition and felt that the '321 claim didn't add any new perspective to his past judgement. It would have been hard to read to those who have long held the view it was right to settle and been patted on the head saying we just don't understand. It also confirms that there's been a deliberate policy of misinformation through back-channels to PIs (TW etc.) to keep us LTHs on board whilst the legal process drags on (deliberately) and a commercial foothold is achieved (and break-even). This probably was the most upsetting thing to realise for me. So given his (verbose) summing up the 1st question is will the legal appeal continue. Given that the TMO loan has been secured against YourGene and if they loose the appeal TMO would get this for a song I suspect that the RNS coming will say the appeal will not be pursued especially as the judgements would just expose the BoD to legal challenges from customers and Institutional Investors. There are 3 options then I can see: (1) withdraw from the UK willingly; (2) settle with Illumina privately or (3) withdraw the appeal and ask for a court imposed settlement. I could not understand why Option (1) would be followed without seeing what Option (3) would give. Also the Court Judgement came out on Monday 19th so I cannot understand the radio silence from all parties and press media till Friday 23rd afternoon. Nor can I understand the relatively large trade unless it is just sod's law. We have to ask ourselves what has been under discussion all week and what was discussed on Friday. For the latter this could only have been discussing in the main whether a settlement could be reached or when an appeal could be heard. So if we assume as PIs the legal challenges in the UK are now off the table, one way or the other as above, the only question is what is the residual value of the business and is it above the current market capitalisation of �14m. Given the personally damming verdict I suspect that whatever happens a distressed sell is now likely and in the near future. All other news will be rushed out beforehand. Obviously everyone is upset but the positive is that this is all coming to an end, one way or the other, and will be at a higher sp that today. Although there are some alarming posts of what will happen on Monday morning we also have to realise that at this price everyone is underwater and I suspect will hold to see what happens now. The judgment on Monday would have been passed to Institutional Investors and BoD and the volume shows no one sold.

Prophet imo

The tweet was released at 14:30 the trade thereafter. The judgement, which should have been released as a RNS, on Monday 19th. Only other logical reason why someone would have made that trade is they were expecting a distressed sale in near term or some sort of resolution. Otherwise poor sod's law timing.

I think he's just venting. There's nothing official out there I have seen. Nothing in the press or Medical or legal flash alerts. Perhaps trying to draw a response from someone ;-) I've been reading about some people's taste of music here and also driven to distraction. New IONA lab set up publicized today that's all. http://www.laboratoire-eylau.fr/dpni Will be a long weekend.

It is the same Case Reference number so it is not hearing anything new. The email from IR referred to �Standard Directions�. As before these directions are intended to provide: 1) Clarity over which parts of the case are disputed and which are not � only the disputed parts will need a judge�s decision 2) Make the right arrangements for a further hearing, including allowing enough time for it and selecting the right level of judge 3) Allow parties in dispute to themselves get a full understanding of each other�s case Basically it is see what areas are still in dispute and how parties can best prepare for them or if a sensible agreement is possible makes a hearing unnecessary.

I was under the impression following the Form of Order hearing RNS that the Premaitha had already made offers for settlement to Illumina but were still negotiating on terms which were commercially realistic. This follows on settlement discussions from last July where potential terms were also explored. So my take is that essentially they had a hearing last Friday, some sort of decision on Monday, discussions throughout the week and progress report to Judge on Friday. Then there'll be some sort of communication whether more time is needed etc. but both parties I think are under restriction not to say anything before Friday.

A directions hearing is a brief hearing in front of a judge. It is a chance for the judge or commissioner to discuss the progress of the appeal and give 'directions' to the parties. The directions are intended to make sure that everything to do with the case is known to the court and to both parties before there is a full court hearing and allow: 1) Clarity over which parts of the case are disputed and which are not � only the disputed parts will need a judge�s decision 2) Make the right arrangements for a further hearing, including allowing enough time for it and selecting the right level of judge 3) Allow parties in dispute to themselves get a full understanding of each other�s case This third purpose enables the parties to concentrate their preparation on the disputed issues. This will help the judge to reach a decision on them. It also makes it easier for the parties to "settle" the case � to come to a sensible agreement which makes a hearing unnecessary. The parties have legal duties both to help the court and to try to reach agreement.

We've waited 3 years and although I'm gagging as everyone else I can wait another week for a better deal to be agreed rather than creating any frustration or panic on behalf of IR or the SP. It is for this reason that many posters and IR resisted from alerting PIs that a Judgement would come this Monday. For me the continued radio silence is VERY reassuring and just confirms an extensive settlement is being agreed. This may as other posters have also alluded to cover other regions or potential products. The time being taken suggests a detailed and extensive set of negotiations with better terms for Premaitha. This may take the weekend as well, hopefully no longer, but I am content to await. If a more extensive agreement is being arranged this would provide extensive dividends to the current sp. Thereafter the only real question remaining for BB will be how long till TO.

FYI Free Float is 67% according to Hardman's monthly newsletter for March '18. This has gone down from 72% in November '17. If news is legal news is favorable we could see confirmation of B/E (hopefully by April's Hardman monthly newsletter to coincide with Year End but that maybe too optimistic and May/June more likely.

The radio silence from both sides suggests that commercial discussions ongoing which suggests proceeding to settlement. However been massively disappointed many times before so just trying to keep hopes in check! Although heartbreaking a loss would also have the positive of a settlement and near term distressed sell

Given the late start it's more likely that we will get a RNS after the market close. So despite a few nervous trades any major movements would be down to a leak. Even in the case that it goes against Premaitha the positive would be that the appeal would be withdrawn and a settlement and distressed sell agreed in near term at a multiple of 4.25p. That said I am hoping this is the long awaited turnaround

Sorry I was incorrect about this on Friday - it was all my fault. The hearing continues on March 19th before Justic Carr and starts at 14:00.

Adam Reynolds, and I DO have some sympathy for him, only really makes a killing if options kick in which needs a share price of 50p+ for 30 consecutive days. This can only happen here in the event of a T/O. I think someone in all the narrative of Vialogy here mentioned that AR's father lost a packet on Vialogy hence targeting it for a RTO? Well I suspect that although AR's, and Dr Stephen Little's, last share purchase was in 2016 making them have 3,301,137 and 3,472,727 shares respectively some family and friends probably have taken a position since then. So there's a personal dimension to this which I suspect will cause the BoD to continue to fight. The way Options are granted, their terms and vesture are subject to the Articles of Association and can be changed on the will of the BoD without shareholder vote or consultation. That said given the narrative I suspect these will not be reissued with more favorable terms. Another inherited dimension from Vialogy is that in order not to make a TO offer to old Vialogy holders they were able to argue that a Concerted Party was not in effect. Once these Options and Warrants start vesting however an offer would have to be made. All that said I am still under the impression that LTH�s have been told they just need to sit on the fence with one thumb up our arse whilst sucking the other thumb humming "50p Options�. So whilst I ponder in my yogic pose may I offer all LTH's (NIPT and VIY) a big Thumbs Up and restful weekend after a difficult week for us all.

I think we have the opportunity this weekend to take stock and get an emotional breadth. For me there's still residual value and the worst scenario has already been priced in and outlined in the Form of Order hearing. The Company has not been shy in granting Options at various exercisable prices and various exercisable dates to its MANAGEMENT TEAM whom I have no sympathy for. These are exercisable at various dates up to 29 October 2027. Options granted are exercisable for 10 years and therefore range from 2015 when I think the first lot were granted. The Company has roughly 40m shares under option and a further 95,688,706 shares under warrant. The number of shares under Options or EMI represents 12.4 per cent approx. of the Company's existing ordinary share capital. The Directors have 23% share ownership currently, Bill Chang is the biggest holder, and YourGene who are sitting on a major loss on their 7p odd share swap are sitting on a major loss with no share sales to date. Basically everyone is under water as they too were expecting many spikes through the last 3 years hence granting Options left right and centre. So the final options were granted for 3,825,000 in October 2016 (hence 29 October 2027 being the last exercisable date) at a price of 10 pence per share. The number of shares under option are as below from March 2016 though this doesn't include the 3.8m above as the recipients not identified. Stephen Little 14,028,711 Peter Collins 9,160,901 William Denman 2,904,989 Michael Risley 2,669,989 Rachel Shelmerdine 1,070,598 Adam Reynolds 3,892,803 Barry Hextall1 1,000,000 These are exercisable from 10p onward to 20p.

So we shouldn't be investing with a 50p target? Not completely the same as Vialogy. In a distressed sell scenario, where there's no settlement with Illumina, the loan against Yourgene would be paid back as not used and a target of 24.6p should still be achievable especially if B/E has been achieved. There would still be residual value - at multiples of current sp - for the partnerships outside the EU (in Middle East, S America, Africa). I suspect that the BoD are already busy placating institutional investors, current clients' legal and commercial departments so a resolution would have to be found sooner than later here, one way or the other. To be at a historical low on essentially no news is galling but puts this as an emotional sell however was predictable hence suggesting there's a time limit to getting a settlement here.

Yep the only shame I can see is that we are at all time historical low today so seems like some didn't get the message or think it just more backroom disingenuous misinformation that's had terrible consequences for those PIs who've already realised their losses. Well bish -> bash -> bosh. Despite the frustrations PIs should be mindful that within a distressed sell scenario a price of 24p and the BoD will have to resolve things sooner than later, one way or the other, before the appeal hearing. Thumbs Up!

And..bish -> bash -> bosh -> new product and spike towards Director Options. I was under the impression that LTH’s have been told they just need to sit on the fence with one thumb up our arse whilst sucking the other thumb humming "50p Options”. So days like now just put the thumbs in a little deeper and hum louder. From the Court Diary it looks like 1 day sitting only so maybe we'll get something afterwards. We've come this far so we see it through now that's all

Premaitha was found to have infringed two of Illumina's patents around the use of cell-free fetal DNA for noninvasive prenatal testing, European Patent (UK) 0 994 963 B2 and European Patent (UK) 1 981 995 B1 in November 2017. The hearing in March 2018 will also hear counter-application by Premaitha for abuse of legal process relating to the pursuit of these two claims, and include an antitrust defence, so it should not be surprising that the Judge will be the same. My memory is that Justice Roth heard the CMC hearing in 2016 (https://www.lexology.com/library/detail.aspx?g=8a716dd6-99bb-46aa-8dde-70f6efa3c372) and stated the reason for having the anti-trust defence to be heard now is that the technical assessment would have been made (November's verdict) and by now further clarity as to the Commission�s investigations should be reached. How time flies. The Judge has laid out his reasoning with how he came to his decision on 'inventive step' in detail as below http://patentblog.kluweriplaw.com/2017/11/24/testing-testing-1-2-3-illumina-v-premaitha/?print=pdf

Agree with sentiment Steve. There' still progress being made so just need settlement. South Korean company DNA Link recently signed a non-invasive antenatal testing (NIPT) testing service contract with Premaitha. As of January 12, 2018, L&C Bio Co. operates as a subsidiary of DNA Link following their acquisition on December 1st by DNA Link.