Member Info for Pharmhall

But the real point is...if PH had not acquired those shares in the Placing, the minimum level of £6m would not have been reached....and the fund raise would have failed.

PH received cash for its efforts. There were 400m Placing/REX/OO shares @1.5p = £6.0m admitted to market. If PH received shares, more would have had to be admitted. Also PH holding announced today equates to £1.6m, far more than its fees would have been. PH had to take up this level of shares to reach the minimum required otherwise it would not have been paid at all.

Not all is what it seems. GDR's recent fundraise was conditional on minimum £6.0m being raised – it just achieved this level. But today's RNS (11:39) suggests broker Peel Hunt had to take up 40% of Placing in order to reach this, and has been left with 19.7% of enlarged equity which it will drip feed into market to get its cash back, causing serious stock overhang.

Thank you for the Vox interview...so escrow money (£1.17m) is already in bank...good news. CEO also states that it has sufficient working capital for 12 months (albeit not on my numbers). But even if he is right the loan covenant is for constant 9months w/c requirement, so even by his reckoning it will need capital in 3 months time to cover the covenant. Also, he states that activity is being constrained by cash levels. I like what company does and the management team, but how things could be so much better with more cash.

In its last statement, company stated that it had applied for the cash being held in an escrow account which was due for payment in May. Today is the last day. If it has not come in, I do not believe that it will pass the monthly covenant test and will require an urgent Placing. Watch this space!

I've traced back for past 12 months and cannot find Cantor's on the register before. I think it must have come in on the deeply discounted Placing and then the updates are further buying, or their clients taking up the O

In two of the past three years, final results were released on 22 June (other one was 29 June), but it cant be 22nd this year, as that's a Saturday.

Bridgedogg1, you are not correct. Prior to the Placing Unicorn had 4.12% if the equity. For whatever reason, it did not participate in the Placing, so the same number of shares held dropped to 1.78% of the enlarged share capital. It has probably dropped again today, bit now below 3% does not have to make an announcement.

Agreed, not sure why the three announcements, but Cantor's actual shareholding has increased, the percentage reductions simply reflect the timing of Admission of new shares .

Interims were in line with expectations today showing that the new strategy is gaining traction. Management reiterated the £3m sales expectation for fully year and that order book is looking good. £2.3m cash was absorbed in the period, leaving gross cash of £0.91m. Company has requested release of £1.17m cash held in escrow from disposal, which will be needed to get ONC through to year-end in August. Company needs to prove each month it has 9months working capital on balance sheet at all times to satisfy loan covenants. This will not be the case as the fiscal year proceeds, so will need a cash call soon.

JAllis, while you make an interesting point, your information is well out of date. At the same time (30 April) that the company arranged the $10m accounts receivable facility, it also rearranged all the sales covenants with SWK, so that they are not, and likely will not be, breached. This, coupled with the cost cutting in SG&A, looks like the work of the new CFO, who seems to have a strong hold over the cash position and ensuring that STX does not need a fund raise. Of course, this is dependent on it achieving its sales targets, but these are now more realistic too.

Sorry, meant 100p of EPS for fiscal 2024.

I agree with much you say. Given that the company releases hardly any statements, the market does not really know what is going on. I expect the full year results at end of June to be really good. They should have the first contribution from the US contracts and even if only modest, MSI should report EPS of 10p with much more uplift in fiscal 2025. This make the shares really cheap. Good cash generation and a strong balance sheet.

Apart from my own modest research on the company, I take comfort that the two Bells and the CFO have over 30% of the ordinary shares and they are certainly not selling – simply protecting underlying holdings into their SIPPs and ISAs. Understandably, Stonehenge Fleming has taken a little off the table recently, but still a decent shareholder (10.97%).

Roll on the end of June!

Ex-div today $0.1321/ca.10.5p

On yesterday's analyst call, management seemed pretty confident that the ENI deal was a matter of crossing the 'T's and dotting the 'I's, but obviously nothing is guaranteed. Reading between the lines, I think that they hoped to get the deal completed to go out alongside the results, hence the delay in results release from 21st to 27th, but that was still not enough time to get the legal work over the line, so they went for a four week exclusivity period to complete the deal. Most analysts seemed to like the deal, so on completion, I expect some upward share price momentum. Definitely one to tuck away.

Me too...according to PR company, they have been put back to Wednesday 27th March.

Although you spotted the new £54m order, I felt that it was buried in the statement. I also clarified with company that this was completely new. With this and the drone order equivalent to 90% of FY23 sales, and the other divisions performing well, I see a bumper FY24, which could be boosted by a US military order. Market missing this one, probably due to the poor investor communications and lack of research.

Massive difference between Phase II and Phase III. Phase II results only provide the company with the data on which to decide whether to invest much higher trial costs and time on a putative drug. Some small Phase I and Phase II trials are run by the company itself, but rarely these days, as people will always question the data. But Phase III is a entirely different ball game and the regulators require total independence to avoid potential conflicts of interest. I stick by my previous post.

Logistics for multi-centre clinical trials are complex and run by independent Contract Research Organisations. The CRO collects all the data, analyses as per the protocol and submits a report to the company. There is no communication between the company and the CRO until the report is complete and submitted.

SNG has no privileged information ahead of this report. If it had received any information, positive or negative, it would have to report it to the market.

British Biotech CFO: "Marimastat...we know it works, it's obvious it works, we just can't show it statistically". The rest, as they say, is history.

Ask yourself why broker is putting out a mega bullish note just ahead of a binary trial outcome....aghh company has LESS THAN THREE MONTHS CASH....desperately needs a large fund raise. God help them if the trial result is bad.

Having been sounded out by the brokers in advance, that was the maximum price that the institutions were prepared to pay. If it had tried a higher price, it would not have got the funding.
What is more important is that the overpaid management team were prepared to only put up £40k between them. Tells you everything you need to know.