RE: Change28 Mar 2025 01:26
Nick’ analysis is absolutely spot on as per usual.
As I see it, in effect this remains an unproven business concept that by my calculation has suckered something like £35m of investor cash into it though what is it, over 15+ raises and three 125:1 consolidation events.
I mean if you take just the last two raises, that’s like £3.2m spunked up the wall in 18mths with little to show for it and as sure as light is day they will likely be back at the feeding trough for another £1.5m for spends come September probably at .20 before another consolidation event. Can you imagine what that could do in a business that makes a pound go a long way?
If this were a private business, you wouldn’t fund overseas jolly’s to the USA, I use modern technology to communicate worldwide on ZOOM its readily available, you wouldn’t pay your mates ridiculous salaries whilst they also hold jobs elsewhere, you wouldn’t be paying overblown salaries and bonuses to board members at all until the business was making money or at least on a revenue making trajectory and delivering actual results heck, you wouldn’t employ a BDM that cant secure a sale to save his life. BUT this is AIM and here the rules of common sense and business acumen don’t need to apply. Investor money has no value here until the next round and simply put that’s because its easy come by and let’s face it its proven to be fact, your money is taken totally for granted as I see it.
Forget the failed legacy projects, the damage was done by not taking on new evaluations and playing lab building, that’s time and cash you can’t get back. The entire pipeline needs rebuilding and that will take years and a load more dilutive raisings from here. A biolab building exercise with cost and reinvestment yet next to zero market for it and nothing invoiced in its history. They still don’t know what an invoice is.
I see the focus now moving from women’s health to veterinary and they have chipped £200k off the overheads. Woopty doo dah, so does that mean the annual loss will reduce from £2.3m to £2.1m, as I say, in my considered opinion a complete loss of perspective all round. And yes, meanwhile the events surrounding John were tragic but this is an AIM business that has marketed itself on something that could make a difference and people have brought into that but the only ones to actually benefit have been the board through maintaining lifestyles and the brokers through fees and those lucky enough to trade in and out with perfect timing. That’s how it is.
As for the THX situation, give me strength, I mean anyone with half a brain cell can see that for what it is BUT the game is to keep the dream alive, there is more value kicking it constantly into the long grass than closing it down. See you at the next placing.
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