The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
Hi Jayne
I received the following reply from HL on 19th March:
Dear Mr xxxxxx
Thank you for your email.
We received an small update last week on Thursday 14 March.
"The company is collaborating with the paying agent according to the published timetable, and notification will be issued shortly."
We'll provide an update as soon as further information becomes available.
I hope this has been of assistance. If you have any further questions, please reply by secure message from your HL account or send us an email. Please note that attachments we send will only be available to view on our website and not on the HL App.
Kind regards
Parvez Akhter
Hargreaves Lansdown
HL confirmed the same to me.
Totally agree, I don't give a toss if Fred, Bob or Janet get paid a day or two before me as long as we all eventually get paid. Time to crack on!
Old news, see update 30th Jan re reconciliation of shares in issue.
At least we now know that cert holders & brokers will be contacted once issue is sorted.
Also Daap sale proceeds to then follow.
It either all happens or it doesnt
17th April 2024
Further to the update of 10th April, shareholders are reminded that those with paper certificates issued by the Company will be notified as soon as possible.
The Paying Agent is continuing its work to resolve some final remaining anomalies with the share capital book, which it expects to do in a timely manner, before it commences all notifications including to brokers.
The DaaP payment process will begin once the licencing payment process is complete, about which a further update will follow in due course.
The Company remains under strict non-disclosure agreements. It will not comment on social media speculation or misinformation. It regrets previously providing information on timescales in good faith that have not transpired. All further updates will be published on www.cloudtag.com
Updated today, usually precedes an update...
My understanding from HL's reply is that the text within the quotation marks "......" is the content or some of the content of the email HL received from Cloudtag on 14th March.
At least that's how I read it
Dear Mr ******
Thank you for your email.
We received an small update last week on Thursday 14 March.
"The company is collaborating with the paying agent according to the published timetable, and notification will be issued shortly."
We'll provide an update as soon as further information becomes available.
I hope this has been of assistance. If you have any further questions, please reply by secure message from your HL account or send us an email. Please note that attachments we send will only be available to view on our website and not on the HL App.
Kind regards
****** ******
Hargreaves Lansdown
It baffles me, I'm literally out of ideas now though
Who knows what's truly happening here? Absolutely no sense in Amit producing all these various updates if there's nothing to show for it. Doesn't make any sense.
Trying to consider all options and the only other thing I can think of is that due to the size of the sum involved ($50m) that there are additional 'source of funds' checks and AML checks being carried out before the funds can be transferred/released.
That is literally the only other remotely plausible thing that I can think of.
Fingers crossed for shareholders
Agreed. A pseudo Amit is just utter nonsense. Sadly this saga has attracted some right nutters over the years
But a pseudo Amit makes no sense either, to what or who's benefit?
He's certainly done himself no favours by setting deadlines and constantly missing them. I remain open minded about what the outcome will be, but I can't understand why anyone would drag this out if there's nothing at the end of it, doesn't make an ounce of sense to do that, he can have just stayed silent and let it wither away.. .
Update coming?
Further to the previous update dated 4th March 2024, the company would like to inform shareholders that the paying agent process has commenced and would like to reiterate that the process shall conclude within the original time frame stated.
The Company remains under strict non-disclosure agreements. All further updates will be published on www.cloudtag.com
For the first and final time, what's your categorical proof? We can all say definitely this or that, but means nothing if you don't back it up with fact.
4th March 2024
4th March 2024
Further to the announcement on 21st February 2024, the company is pleased to inform shareholders that the trust lawyers working to establish the trust fund have completed their work and the trust fund is now in place.
The company is therefore in a position to distribute licensing funds and has instructed the paying agent to commence the process and conclude the process accordingly during the next 7 working days.
The company would once again like to extend thanks to shareholders for their continued patience and support.
The Company remains under strict non-disclosure agreements. All further updates will be published on www.cloudtag.com
So 3 weeks ago we were told of the problem and
"The company is discussing the option of proceeding forward with the distribution before resolution of this issue which would entail retaining a nominal amount in trust until the situation has been fully resolved."
Amit - I don't think anyone cares about retaining a nominal amount, just crack on and show us the money or put this to bed once and for all.
Absolutely fed up of this nonsense now! Absolutely nothing verifiable in any of the updates, constantly hiding behind an NDA. Not good enough.
13th December 2023
Further to the updates of 2 and 21 November, the Company would like to remind shareholders of the following:
The agent will contact shareholders (or their investment platforms) by email not by post.
Shareholders will be required to complete the relevant paperwork including Internal Revenue Service form(s) and are reminded to seek appropriate tax and legal advice.
The company would also like to reiterate to shareholders that contact from agents/investment platforms shall commence week starting 18th December in accordance with the 4/5 weeks’ timeframe stated in previous updates
The Company understands the licensing agreement to be an income event not a capital event for tax purposes.
Payment by the agent is made in US$ promptly once correct and complete documentation is received and verified via its portal.
This update may not be considered as tax or legal advice.
The Company remains under strict non-disclosure agreements. All further updates will be published on http://www.cloudtag.com.