Member Info for Porky9

Sorry calling time on your BS @PM2022

Lets see the published results statement for the H1 to end of June then? They are delayed compared to last year and they wont include the costs post June to pay off Directors but will at least confirm the Cash Burn which i estimate at close to £200k a month and will likely show a cash at bank figure at end of June my guess £700k to £750k and i bet i'm not far off with that estimate.

I absolutely guarantee they will now be running on fumes now.

His job is to try and pump the price by exaggerating both the length of the cash runway and any fluff news in an attempt to sucker buyers in to be sold into ahead of the raise. History repeating itself.

Volumes are thin, any raise that’s if they can secure support yet again can only come at massive discount, in this market WC raises are coming in at 70-80% discount. He needs buyers at 2p so stock can be offloaded to support a raise probably at .004 but even that will be a struggle because who in their right mind is going to chuck more cash at this just to keep payroll going for another 6-7 months before a follow on raise.

The presentation at the pitching event on the 24th IMO needs to include not just a viable business plan with route to profitability but also a massive reduction in cash burn back to sub £1.4m a year levels (£350k per quarter) unless he can do that they will struggle IMO to get what I believe is the 16th is it, raise away.

Don’t threaten me @PM2022 with what you don’t know, anyhow you mean libel not slander, but I actually said IF you are but non the less you as a poster here have continually ramped this stock here and more so just before a placing. And history is repeating.

If my estimates are wrong that they are running on fumes and will need a placing fairly soon and you are right that they have plenty of cash and a placing not required, let’s see the H1 report then and we will know for sure?

@Uncanny

Can’t remember now without looking it up, something like 1m at 37p on the day they did the shocking deal with the THX start up, I had sold 400k odd early 40s before that and held 400k for a fair amount of time after - not that any of that matters.

As I say, concern with what the stock does not individuals

Added @Riddler, Added

Like I say, when you want to spend your time trying to discredit me rather than actually discussing the stock here it speaks volumes. Hit a nerve didn’t I @Riddler - calling you out and now you post as @Laura2022

As for you @PM2022 if you are Kev which is what many of us suspect, you want to be VERY careful because insider dealing can carry a prison sentence and you my friend were on here promoting JWallows posts and the fantasy 60m on deposit BS to encourage posters to buy whilst the stock was being shorted ahead of the placing. So be careful.

Now you are back again ramping this, my guess is the placing is close because I recon my cash at bank estimates are fairly accurate, you know it, and this needs some fluff news, some pumps to push the price so that those that hold blocks can offload chunks ahead of the placing. Problem you have is that volume is low making it difficult to sell, with so many with fingers hovering the sell button moment some mug buys at this bloated level it’s immediately sold into.

Also, totally agree that normally when certain posters turn on me, it’s normally when I’m spot on right. Watch this space.

You can fool only some of the people some of time Kev...

@Kev, You make far too many assumptions based on comments on stocks. On those you mention, Yes I have had some losses on some; 4D and NCYT were two. HARL is a token loss. As for GDR I have had a brilliant return from 1.5p, HE1 I traded it and came out OK, Sabien traded it ok, VAL traded it ok with a good ROI and many others ARB was one I had an amazing return on. I have been in over 30 plays. But that’s my business. Why are you so fixated on what I trade? And comments have no correlation. If you speculate on penny shares you need a spread portfolio.

@Riddler, you are cheeky sod, you spend your life ramping PYC day in day out for some reason, you are now on this board ramping this one. Perhaps I’m right when I said a while back the two should merge? Is that why you are here in waiting? At least I don’t post under different Alias.

The sort of person that invests at the right price should a decent investment opportunity come his way. As it stands I have no indication that there is anything left here actually worth investing in now and certainly not unless there is a grasp on offloading the dead wood and reducing costs.

Too right I won’t be travelling down to London for this pitching event. Appreciate some think the world ends in London but I don’t.

@Alwayswatching

Placing could still come in for end of September if he can secure support at the Pitching event on the 24th.

You are right, i did previously estimate a penny placing but in view of the lack of activity, the ongoing spinning of 201 with THX which really is a dead horse still being flogged which is hard to comprehend why, i think the only asset of value they have is CLX which even at half pence raise values that at £600k. I don't see it.

The pitching event on the 24th is clearly arranged to try and secure support shortly for the next placing if they can get one over the line. Don’t be so ridiculous.

I actually think even with an 80% discount to today’s 2p Share Price with a dilutive issue at .004 will be a hard sell - unless he offloads some dead wood and has a clear viable forward plan. I say again, nobody is going to chuck cash at this just to keep the BOD in a job and fund salaries for another 6-7 months and moreover, why should they?

Yeah right Kev, you keep telling the forum members that, absolutely poetic

It’s cash runway out mid October, lights out end of October as they won’t have enough to cover the bloated payroll due end of October unless they can get an R&D tax credit in time which might extend that by another couple of weeks. They will now be running on fumes for sure.

Publish the H1 report now overdue compared to last year to prove otherwise.

Look, no amount of free wine and nibbles at the pitching event on the 24th is going to encourage HNW investors to part with cash to support what is the 16th raise is it now? if all it is going to do is fund a bloated payroll for another 6 or 7 months. I genuinely can't see it happening no matter how they try to spin it. Market has changed since then.

There has to be some honesty here. First publish the H1 so its clear EXACTLY what the CAB figure is, no more smoke and mirrors. Secondly illustrate how they can get cash burn back to a more manageable level i.e Back to under £1.4m a year (£350k PQ) the current CB which i suspect will prove to be close to £2.4m is just not sustainable.

Some desperate pumps will be needed before the event, I’m sure Kev can help with that he’s already started. Same old repeat cycle started.

Oh please, you are going to question me over a token investment HARL good grief.

And who exactly are you @Seancadman ? - Look, focus on the viability of this investment then not looking over your shoulder at what others invest in.

You dont have to agree with me, if you think this stock is a such a great sure fire investment ignore my posts and fill your boots with the stock, in fact I actively encourage you to do so, please buy as much of this stock at 2p as possible. At least you might help some poor trapped investors get out.

No, Kev it is you that has lost 100% perspective of delivering a viable concept. I state again clearly, there is serious disconnect between what shareholders want to see here and what the BOD thinks is a good idea.

The business has had over £35m in funding or something like that to date, I would hardly class it as business that has struggled to have enough funds, they have rinsed investors from SP Angel, to Turner Pope to the current brokers, what is it five broker changes now? They have wasted cash on vanity projects IMO and shown utter contempt for their shareholders.

No investor IMO, invested here to fund a start up lab, they are ten a penny, majority in the market make next to nothing and that’s because they are so labour intensive by nature. They decided to spunk money on a bio bank, invest cash into adding to that bio bank, in marketing etc, attended trade fair overseas at our expense to promote it, without any proof of concept as I see it that it would actually result in profitable orders. Jesus, just looking at what Imogen delivered with the investment they had and the number of lab staff they employed should have been proof enough. It’s a failed concept.

To date apart from a three month lab contract worth £10k it’s delivered nothing - what paid business has the BDM brought in?

Yes, you are right I suggested 10 evaluations, too right I did. Because this is what investor want to back, the original concept of taking fledgling bio ideas that could be cancer cures of the future and position them to be taken on by bigger bio in phased trials. Due to neglecting this with the fancy vanity “we are building a Tcro business” they now have next to nothing in the pipeline. To rebuild that now would probably take a couple of years and two or more raises from here, the legacy left now by the exiting Directors I think is going to be hard to recover from.

As for making changes slows things down, what are you saying? They should have kept all the incompetent staff for business as usual? Sorry but change was long over due and a key mistake imo was the key investor not calling a motion to do it sooner and allowing it to continue. Doing the same thing and expecting a different outcome is stupidity at its best.

@OB - I call things as I see them. I have given a straight reply, best i can do, it’s how I see it. Let’s see what they propose next but imo there has to be a significant reduction in the cash burn to a more manageable level and offload more of the dead wood for a start. Without that revision it remains totally univestable in my considered opinion.

Ps. A key point I forgot to mention:-

I also knew from something Suzy said a while back that the BOD did in fact read this forum, so I actually thought that by commenting here and raising these concerns in this forum they would actually change things for the better and try and make a difference and not continue as they were. Unfortunately, it fell on deaf ears but was worth a try all the same.

To this day, I feel the business, they way it’s been run has been an expensive wasted opportunity and that’s a tragic shame IMO.

You see, the investor demographic here from my own research and talking to many individuals is different in my considered view. There is an element that came here that were touched by the Big C in one shape or form and invested with an emotional attachment, they thought investing here would do some good and wanted it VAL to come good.

However, it’s a commercial business. The likes of Suzy drawing £180k or whatever it was out of it, at investors expense, so the post card is nothing like the destination. Also, I think the BOD took investors for granted, cash has kept flowing in here no matter how poor the performance and it’s got to a point where its easy money but worse, its expected by the BOD and how dare anyone even question it.

I posted a few months back that If Adrain had put forward a compelling business case I would have supported a placing at a discounted rate to give him a fair shot. However, as time has gone on, my view has changed further. They have just not demonstrated change at all as I see it. The legacy left by Suzy, lack of investment in new evaluations in support of a loss leading lab, still not taking control of the 201 or the continued cash burn, all illustrate that the incompetence remains, and it could be too little too late now.

I await with interest the H1 report due any moment and will be interested to see what they propose. But regarding new investment from here it will be a tough call now, especially in this market.

Finally, believe it or not, I’m not that bothered about further contributions here, but I get asked to comment and I feel qualified to comment due to the history here. It’s a free world with free speech and if other posts don’t like my view they can ignore. I find it interesting that Kev is back ramping again. So, if it my posts help just one person at least evaluate the pros and cons against his ramps it must be a good thing.

Hope my long post @OB helps explains how I see it and why I have bothered to comment. My reply wont interest some but it matters not, I said i would reply to you and i have. Good luck to you. Take care.

Pork's

However, the more I researched here the more I didn’t like the way the business was being run and the turning point for me personally was the 201 deal with THX. It was a ridiculous arrangement IMO. That plus the other continual mistakes being made by the BOD after just illustrated to me a continual display of lack of commercial acumen. But worse, it was investors that were in all honesty continually paying for these mistakes NOT the BOD and nothing was being done about it, just business as usual and more cash given to them. Remember my background above, I had not experienced this with non listed companies because it wouldn’t happen, and the directors would be out if they did. I felt the same rules should apply here.

On commenting what I knew, it was met by hostile reaction which I found really odd. The BOD meanwhile was told on numerous times of these factors, but their own arrogance chose to ignore it. Their interests and that of the shareholders were not aligned IMO. When Nick pulled out, he had clearly given bloody good reason why changes had to be made yet, they still ignored it. Almost like they wanted to prove a key investor wrong. I mean, the arrogance of it!

Now accepting that many of these forums are full of bulls and bears and having been in a few trading stocks myself, so I know how rampy they can be, I had previously been in on, but despite that, I still found it odd that here anything not part of the ramping club would be shut down.

Further, I just though you know what, anyone investing should really consider these factors, otherwise they are going to get fleeced and that is just not right. Coupled with that I personally felt that a lot of inexperienced investors that came here were being sold a pup by posters in this forum. Some of the ramps like those posts by Jwallows and the made-up investment funds posts and all that, I knew didn’t stack up and that’s because business just isn’t done that way. But you don’t know what you don’t know and some here were totally buying into it. Meanwhile, I was knowing that it was designed to ramp the price before a placing it was so obvious. Sure, enough they got away with it.

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Meanwhile, on the AIM, in all honesty, they can get away with incompetence. Often, investing on AIM can be more akin to the wild west at times, what the businesses don’t say, and report is often more important that what they do say. Investor forums like these tend to be a total waste of time as rather than being used to analyse an investment, share information as you would in an angel co-investment forum, they are full of inexperienced investors looking for confirmation bias.

They want reassurance that they made a sound investment decision rather than reviewing that investment and considering if it still holds good investing today as it did before.

Furthermore, if you take a penny share like this one, it would be practically unheard of for an unlisted business to secure fifteen raises or more, it just wouldn’t happen, and it certainly wouldn’t if you coupled that with two or three consolidation events. Also, broker notes tend to be more like promotional flyers these days than a white paper with proper analysis so its harder to make informed decisions.

Often it can be like chucking coconuts at a shy, no matter how good your research, your deck might be stacked due to the information investors don’t want to hear being either withheld or just not talked about. I have instances on the AIM where the BOD has outright lied about their trading position. So, you invest in ten penny shares, and one might come good and that’s excluding market shenanigans I have witnesses with dealers preselling stocks before a raise to clean up and shafting small private investors in the process. That’s how I see it anyhow.

I have had some amazing returns but also in those years had to offset losses from the ones that didn’t perform. You win some, you lose some.

Now turning to forum comments: Well to be frank, I joined the forum and contributed what I knew from my research and from an investment bias perspective, I guess. I thought well, ok a fresh start here for them, it’s a risk, a penny shares but they had some potential so give it a go. I have made a very nice return, thank you very much.

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FAO @Ob

This is a long reply and all in my own opinion so DYOR.

Post might still be here in the morning as it’s the weekend. Not that its relevant to anything but you asked me personal reason for posting, my opinion, so here it is: -

Now to answer fully, I must first give some context to my perception of investment, you may not agree with it. You see, I have a business background of over 30yrs and invest in listed and a number of non listed businesses. So, I guess you would class me as more of a business Angel investor rather than a stock trader. As such I will try to profile and research a business from a commercial perspective how viable it is to secure a longer-term ROI. I have also carried out research on some investment plays for a family office, so I have been around a bit so to speak :)

What I realised over time is that whilst it offers increased liquidity being able to invest in fledgling businesses on AIM compared to invested positions in non listed companies, the experience is VASTLY different. At pitching events for non listed once you get under the bonnet and go into specifics at board level, whilst you still have to sort the wheat from the chaff the businesses that I would consider as investable, where I would invest alongside other sophisticated investors, Angel Investors, family offices and co funds these investee business tend to make a pound go a longer way, they have more realistic expectations in relation to sales and marketing revenue generation, valuations and expectations of their investors and their expected exit values. This is the experience I have had anyhow.

In addition, IMO there tends to be more honesty and transparency and more due diligence interrogation and proof of delivery as they move from seed rounds to series A etc IMO. These businesses know that mistakes cost money, and they won’t get further investment support if they fail to deliver. You know if you were still in a private limited company after two or three dilutive raises unless you were backing continued growth with the valuation growing, if the business kept failing, you would be out, and it just wouldn’t secure further funding. That would be the end of it.

Also, non listed businesses wouldn’t employee incompetence, they can’t afford it. They wouldn’t employee a BDM on sales for example that never sold a thing, they would be long gone, or a director making poor decisions, same thing.

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