Member Info for Porky9

Very good effort to pump the SP a bit to help get the placement over the line at discount, if they can get the SP to 8 or 9p with some solid fluff news there is stronger chance of getting the placement in at 4p or maybe 5p

Be interesting to see how investors react, what you won't see is an RNS that says £x is landing in our account this month from business transacted. VAL haven’t quite worked out how invoicing works yet BUT it will really help the ramping squad here.

Give you something to ramp over pre placement, same old same old.

@Gliders

Nothing further to discuss, all points covered, not actively adding to the discussion for now. H1 statement due 31/8 and will confirm circa 16-18 weeks cash runway left. Expecting placing confirmation within a couple of days of that. Burning question will be IF / What placing can be supported at?. I stand by 3.5p and believe it will be a struggle, market no longer interested in Jam tomorrow that is ALWAYS tomorrow. Todays and next weeks SP is totally irrelevant, this will place at whatever discount Turner Pope brokers have to give away to secure the cash IF they can get it.

Meanwhile, I hold my head in utter despair how the BOD have handled some of these events including 201 and how the ramping club here continue to posts such utter nonsense:

PatientInvestors (AKA Iceman) post 14.48 says it all, what's even more incredible is that it got 5 likes: "we shouldn't make any negative remarks here that could discourage the board from working hard"

FFS - The board make all the business decisions,. They and only the BOD make those decisions. The board and only the BOD are 100% culpable regarding how the business is run and its direction and its effect on the share price. The BOD are our representatives, they should always act in Shareholder interests NOT their own. What comments are made on a poxy stock discussion board on LSE should have zero impact on if a BOD member works hard or not. Do you think Bill Gates wakes upon a Sunday, reads the Microsoft stock forum posts and thinks "Shareholders don't like some of my decisions, I'm not working hard today, i'm calling in sick?"

After 16 placings, three 125:1 consolidations, 5 placings since Suzy became CEO and a sixth due any moment, No revenue in 15 years apart from a three month lab contract of unspecified value and over £32m of shareholder money spent including recently spending placement cash on board bonuses including £17k for Kevin and £5k for FD Gerry who resided over both the first SP crash and the previous emergency placings, all this despite possibly some of the most dire recent business decisions made to date, do you honestly really believe the board gives a flying fig about what is written on stock BB??????

Wake up @Iceman888 Suzy is drawing her £160k salary, looking after her family interests whilst picking your pocket but smiling nicely at you!!!! You cannot expect a different outcome if the BOD continue to do the same things.

Will post as promised after the placing confirmation IF they can secure support, meanwhile will leave the ramping club to it. GLA

4D does take some beating, Directors informed the market they had a revolving credit deal in place, so cash runway was over 12 months, paid themselves eye watering pay rises, meanwhile they were in breach of covenants on that credit facility which then got called in, shares suspended, business sold for a fraction to a third party in a fire sale, Shareholders got zero. The previous raise was at £1.10 a share and some £40m valuation - you couldn’t make it up. Legal action case in process not that it will do much good.

But there has been others, like I say often what they don’t say is more important than what they do say. I consider penny shares plays now as more of a binary outcome. They either come good or they don’t. Secret IMO is to take profits, top slice if going well. Never get too greedy.

Good luck

@Smellyben

In these situations, the historic shareholder is effectively shafted either way. If they vote FOR, they are diluted to oblivion and if they vote AGAINST whilst I accept on paper you could argue the sum of the assets is worth far more, the reality is they would go under. The assets don’t get sold for the commercial value, they get sold for a token fire sale value in a liquidation hence shareholders get nothing,

I am not a Turner Pope client but had I the opportunity for some at 1p I would have taken a chunk. Don’t get me wrong, I would dump half the moment I could get 2p so I’m in for free but at 1p it’s a bloody good bet. Outside of that it’s a pure punt.

Only thing I don’t like is the BOD salary and benefits excess, I appreciate there are major cost cuts scheduled but we had Tilly on £600k and Bunka on £350k so call it nearly a £1m in benefits between them and IMO leopards don’t change their spots, once they get accustomed to excess they return to it very quickly. Just an observation so deffo be watching that one.

No idea how realistic targets to BE are, they are targeting £3m to June 25 and £ 6m to June 26 and in this year to June 24 are at £1.7m with another .5m new to come on so £2.2m in current year with a cost base now reduced to £3.5m so that will burn nearly half the cash raised so I think we do have to see if they can keep costs down and can sustain growth. Growth estimate to double from 2025 to 2026 sounds racy to me but who knows.

Big positive is they have the cash runway for now providing the vote is FOR which I think is odds on and that could open up other possibilities, so as long as the BOD don’t squander this opportunity looks a decent punt after the AGM if you can get some close to the placing price.

But I agree with you about long-term holder’s positions but unfortunately, that’s business. Yes, SH have rights but in reality you buy penny shares at your own risk, some work out and some don't. Market conditions are horrid and whilst the placing discount looks high it must be to attract support. Had it been at say 50% they may not have secured enough support to get the deal done.

See how events unfold but IMO the dilution is preferable to them not trading, Good luck.

Pork’s

@Teamhanz

What bloody proof? What an absolute load of cobblers

Post it here if you want me to reply public in this forum or Send me a DM "old chum"

I think you are in danger of going beyond being insulting now. I will tolerate your childish banter, i won't tolerate anything posted that's potentially libelous.

@Patientinvestor8

Oh come on....really

The BOD are doing perfectly well on their own in damaging the SP by not delivering when they say not to mention Suzy's "i'm looking out for my own family" and the "unconcerned" comments plus the prize gem from Stella with her "Gerald Ratner" moment at the last presentation. The monumental fck up that is 201 also hasn't helped. I could go on....

As i said before, I will be back at the placing, leave you rampers to it, just couldn't help but not post especially when i found out Adam had taken a directorship at APTA and you sneaky rampers chose not to disclose that in the chat as it didn't fit your agenda.

You should be open to discussion.... Catch up in a couple of weeks

Pork's

@ teamhanz @a2b4c4

lmol - i think you two have been watching too many horror movies and playing far too many gory tv games, i suggest you cancel your netflix subscription, put your xboxes away and watch some classic tv. perhaps watch “are you being served” jokes about mrs slocombe’s ***** never die.

LMOL - Honestly @SamBar i know i'm made out to be some lunatic to discredit me by the ramping crew here but come on, do you really believe that? You will be suggesting that i only go out after dark next and i have hairy hands :)

Also FYI i live in Cheshire not Nuneaton, not that i have to justify myself in any way.

Just look at the investment fundamentals here, the history and DYOR. Take personalities out of it. Have a good day.

Pork's

No trade short positions as suspected but this obviously excludes MM book activity. Remember its the MMs job to create a market to trade stock:-

https://www.shortdata.co.uk/company.php?isin=GB00BLH13C52

@PatientInvestor8

There are no trade short positions in this stock, for one thing its not liquid enough and for another if you used say IG and issued a CFD it just wouldn't be viable. This is NOT a stock to short no matter what, even if you could 100% guarantee the SP was going to drop to 2p. Also you have to buy shorts back and because of its liquidity you cant buy or sell volumes easily without either a massive premium or a massive discount.

Todays trading on L2 is as expected, you have evident some holders down averaging to top up and other holders wanting to cash out moment any improvement in the Bid. I would NEVER short myself in ANY stock I don't agree with the practice but it was going on in 4D but that was because a big holder had the stock already as a guarantee they could use as leverage.

You wont like my next point, so no doubt you will want this post removed but as both the house broker CENKOS and also SING and Peel Hunt have all now moved to 5p on the Bid I think its more likely that talks have now started to get a placing away and they are moving stock in advance of that knowing they will be selling a big chunk at a discount and increase margins. We see this a lot as you well know. Might not be the case, could be simple supply/ demand issues, market is ridiculously bearish all over currently.

Anyhow, good luck to you

Pork's

@PM2022

Here you go again, making it personal - this board should be to discuss the penny share play VAL - if you invest in penny shares it’s a binary outcome. Some you win some you lose. The market has moved on in four years.

You won’t have it but if they can secure a placing at 3.5p I genuinely think they will do well. Market conditions still remain dire currently. I agree with poster @lomlungu a discounted placing would be preferable to death spiral finance.

Not long to find out what they can secure support for

Investment opportunity now significantly different to what it was two years ago.

Focus on the fundamentals not individuals

What/IF they can get the placement away at now is what counts, ideally before the H1 statement due end of this month.

Good luck

@SootySnipes

Because for whatever reason there are one or two posters of this forum that defend the board regardless of how bloody ridiculous the decisions they have taken. I do wonder if they actually work there or are related?

Some of the moves made have been absolute school boy errors. BUT worse its blunder after blunder. There are no excuses. This comes down to inexperience of the board and pure naivety on Suzy's behalf and lack of decent experienced support to guide her from the wrong calls. VAL is NOT a charity, its a commercial business. It requires a board with commercial acumen to make it work.

No point in listing the many blunders all again but the key challenge now is that the cash burn is too high and market conditions are dire for Biotech's raising money for working capital. It is essential they get cash burn down to a more manageable level BUT in the bigger picture board changes are now a desperate requirement.

Burning question now is will they or wont they get placing support and at what price? It will be a challenge.

But the Board only have themselves to blame, they are totally 100% culpable for the decisions made. No point picking on forum posters, its crystal clear the situation would be totally different had they gone in a different direction and many here know this, they just don't want to admit it.

I await to see if they can secure support or not. Market conditions are challenging for all biotech's currently and that's an understatement.

@PM2022

I even posted you a clear break down of the figures. Yet you prefer your alternative universe.

I wouldn’t mind but the BOD at VAL have been really open and honest about this. My advise would be that if you like how this business is run and have faith in the board then support them at the placing, They will need your support.

@PM2022

You are incredible

You know full well cash runs out in the new year. They won’t have enough funds to meet Jan payroll and need to sort the raise now. H1 results out, should be this month confirm same.Why do you keep posting this lie???

Also, My Question to you: Why did you not mention that Adam has just been appointed a Director at another Listed Biotech? And the bigger question: Clearly Adam has capacity to take on a Directorship so why didn’t the VAL board give him the job?

Anyhow, the H1 closely followed by placing news IF they can secure support will land any moment - watch this space

@Goomer

I can disagree with a business decision without it being personal. Jeeze i make commercial decisions all day long.

To repeat, there is NO "strange vendetta against Suzy" - personally, not that it has anything to do with anything, its business, i specifically like Suzy, a brilliant scientist and i would employ her all day long, just NOT in a CEO role. It wouldn't be so bad if she had amazing back up support from her board but she doesn't.

Where was Gerry her FD to warn her regarding the cash position if THX didn't deliver?????? What was he doing when the business crashed in 2021??? what support exactly has Suzy had. I actually feel for her frankly, she has limited CEO experience and little back up support.

@IronMighty

Its all in your head, there is no disturbing underhand reasons for simply not agreeing with the ramping club here. Nothing personal what so ever.

All the decisions are down to the board, the fact i don't agree with the decisions is MY OPINION . I stress again: i really like Suzy, i just think she is in the wrong job and needs more support than she currently has.

I have detailed exactly all the key points. Not at any time have my points been countered. All i get back is ramp after ramp and the BOD have done NOTHING about changing the plan.

Look, lets see what happens here, they need to get the placing away, lets see IF it gets supported and at what level.

The ramping crew clearly don't like the fact that Adam has now been appointed as Director over at APTA

Expect you will remove this post as you wont like it but i can repost after 5.00pm

https://www.lse.co.uk/rns/APTA/fundraise-proposed-board-changes-rpt-gm-notice-4uhux05utex9lhi.html

Amazing isn't it that your chief ramper @PM2022 has now put his energy into posting over there on the APTA board. Also @PatientInvestor Knew on 31/7 when the RNS came out, funny he didn't mention that here either!!!!

Trouble with you rampers is you only post what suits your agenda and ignore the big factors.

I await to see what level VAL can get the placing away at, i seriously think it will be a VERY difficult raise. APTA had to take a 79% discount, PYC had to take a 50% discount. The market for cash raising is dire.

I am now revising what i believe this will place at. IF they can secure support at just over 2p i'e the exact same market cap as it was in April 21 i will be impressed frankly. The market does not like investing money for short period working capital runways. There is a cost for that.

We will know soon enough, H1 results showing the increased burn should be out 31/8 ideally they could do with the raise sorted before they have to release that statement as it wont make great reading.

Good luck Rampers

@Laura2022

Your reply was a little OTT but I do appreciate you are very passionate about this business and the resident bull here.

The value of LSE boards in general as part of a general evaluation of a stock play unfortunately is greatly reduced. In the main most are controlled by a resident bull with a preference for it to be an echo chamber rather than a place to evaluate.

Now with this play, IF the OP question was genuine and not just a loaded bull plant, they would see that:

Results to the year end June 23 are expected to deliver revenue in the region of £660k based on previous updates due to the poor current economic biotech outlook.

Results to the year end June 22 delivered a £900k revenue with a £360k loss and cash at bank of £687k. We understand running costs are marginally higher.

The recent raise added £380k cash before costs but as part of that, the retail offer of £150k only got support for £25k despite stock available at 1p.

So very quick maths will illustrate that if we assume burn rate is similar and revenue comes in at £660k rather than £900k we are down £240k on the year plus £360k minimum loss if costs are level call that £600k loss hence £50k cash burn pcm and would have £87k cash left end of June 23 plus call it £350k net from recent placing after costs ie circa £437k or just shy of 9 months cash runway from June 23 and another raise required then.

Now the bull argument is that they have a solid pipeline of prospects and projects on hold should come in as market conditions improve but the challenge Jim has is that his break even point is circa £1.25m Revenue and his current Revenue is £660k hence why the market has hammered his market cap value and share price depressed as he needs to double his revenue from here in a tough biotech funding climate.

A big factor is that the revenue is consultancy fees on fixed term projects hence they have to keep winning new business and have an associated cost for that.

Don’t think @Laura2022 I am a bear regarding this play, I specifically like both Jim and what he has achieved here. Business is bloody tough all round in this bear market currently and i truly hope conditions improve and they win a shed load of business. My précis above is how I see it, your view is different and investors need to do own research as usual. I had previously said I thought the business would be better placed as part of a bigger biotech play and I still stand by that. It’s tough out there as a small player.

Personally, I have had enough of this bear market, we are seeing some green recovery starting to show and I pray outlook in general improves from here for all of us.

Good luck to you

@Cyrox

Financial year end finished 30th June but we wont see the full statement until probably end of September if they release at a similar time but we know from the market updates put out that revenues are materially down and under pressure with projects on hold.

Unfortunately, sector as you know hit really hard, financial drought and of course one area where bios will cut back is on external consultancy fees. PYC needs to keep winning and adding new consultancy contracts.

The raise didn't completely fill and really Jim could do with more working capital. I just hope the guy can pull a rabbit out the hat as i really like him, honest broker for sure and if anyone deserves a break its this guy.

There is always a risk of ANY penny share going into administration. Many are a binary investment, they either work out for you or they don’t.

With OSI it is a risk for sure from the perspective that it could be put into administration to be brought back out and taken private. However, with all the investment gone into getting this business onto the market, I would like to think that they will get a placing away to secure the funding they need to drive this forwards.

For what it’s worth I think the potential here is just enormous. Once they get the placing supported this will move forwards. Until then it’s a waiting game, best guess is we will get updated in September on the placing news.

Not long to find out anyhow, good luck