Well they said this in the results RNS just over a month ago (note 'at least'):
"The Directors estimate that the cash held by the Group together with known receivables will be sufficient to support the current level of activities at least the end of the fourth quarter of calendar year 2021."
Known receivables won't include any of the $10.5m in milestone payments expected to be recieved over this year and next - some more clarity on this would be appreciated.
The average rate since the last update (when 9 patients had been recruited) is 8 per week, and at that rate it is slightly ahead of the Q4 timeline. However I would expect the current rate to be higher than that average rate, assuming recruitment has been ramping up, and furthermore as it appears they are looking for additional sites as Prof Chalmers tweeted it would be reasonable to expect the rate to increase still further.
They will probably just create subsidaries for each jurisdiction/asset and the finance will be convertible into shares in the relevant subsidary rather than VAST itself.
Unfortunately looking at the pitiful valuation here and the trades today, the market doesn't agree. An update on the STAR trial might help, like has the initial rate of 9 participants in 2 weeks increased?
Yes you would think they would spread-bet on more liquid stocks larger cap stocks with narrower spreads. Maybe in 2021 they will go and spread-bet somewhere else and leave us alone.
RE: What does a price monitoring extension mean ?30 Dec 2020 16:59
Not quite, the auctions are at fixed times every day. If the auction uncrossing trade is too far from the price before the auction that then triggers the extra 5 minutes and extension RNS.