Member Info for Porky9

@PM2022

Don’t say it’s a lie when I’m posting fact. READ my post 09.52 AGAIN and read the RNS results statement.

I clearly include the £1.3m post FY raise in Jan. They have ONLY had one raise this year so far

Stop posting baseless ramps

@HH

Actually, I read the forum regular and I stopped posting then had to reply again in response to PM2022s utter nonsense. This should be a discussion forum not an echo chamber. If he stops ramping I will stop countering his stupid baseless points

@NPF

An option to join the placing for existing shareholders is normally issued at the same time. The placing will be shortly.

@PM2022

Why are you constantly posting enough cash runway to mid 24 when it’s clearly not the case?

VAL have been open and clear about this but you prefer a fantasy version.

The placing needs to be issued during this H2 and they can’t leave it until the death people’s jobs depend on it.

See/ read Final Results to end of Dec 22 - RNS: 5th June 2023

Cash Burn c£200k pcm

Cash at bank Dec 22 - £ 1.137m Plus Post YE Raise £1.3m before costs so let’s call that £1.2m plus R&D tax credit £ 192k in H2 = circa £ 2.5m

BUT: Spent £170k on Imagen assets since plus the staff additions in support so we are looking at roughly £2.3m or 12 myths cash runway from 1st Jan 23.

So based on current cash burn you are looking at a cash runway to end of this year.

Also, the resolution supported £40m shares. They actually asked for £20m Placing, £20m supporting and £10m for share options = 50m but Adam must have decided to vote against the 10m options otherwise he would have got all the board reappointed and let them have 10m options on top which would really would take the p@ss frankly especially based on performance. All bonuses should have been returned imo.

Let’s see what the placing comes out at and IF it can secure support, in this market it will be tough IMO.

Oh and @PM2022 as for SP can’t go down, you will make 300% blah blah blah blah are you prepared to underwrite a guarantee for that? This is a penny share on the AIM there is no end to your baseless ramps

@Paternostpauper

* Thanks for the compliment, certainly preferable to your usual insults

* My holding at a high was 1.8m its now 25k just to give me an option to support a future placing if circumstances change. But that’s irrelevant.

* There is a misconception about placements. You can’t dictate a placement price. You can only secure what the market will support. I’m saying 5p MIGHT be possible BUT I have serious misgivings if they could get it away at that level. It would be a stretch based on what I’m seeing in the market.

* At 5p the risk/reward potential where they are is not compelling enough. The current business plan needs to change, it requires far more capital, and the board are proving they lack the skills to execute the plan effectively anyhow. There is a clear loss of focus or rather a focus on the wrong aspects as I see it.

* You are correct, I do see value in VAL but NOT with the current BOD. The handling of 201 with THX is a travesty. I have no idea after all the blunders made why Adam has saved the entre BOD. I believe he will live to regret that decision, its just delaying the inevitable that Board Changes need to be made as far as I’m concerned before this business can move forwards.

* To right there has been many mistakes, but with Adams vote they will continue. We have voted for continuation of same hence it will take that bit longer before changes get made.

* I repeat again stop trying to second guess me. Investing in penny shares comes with v high risk, often its kind of a binary outcome, you either do well on the play or it’s a write off. I invest and follow a number of penny shares as one part of a larger portfolio. I comment a lot here because i have done a stack of research and live in hope that changes will come. When PM2022 starts to ramp and post codswallop I will counter it.

* Finally, nobody is profiteering from anyone, IF the board started delivering the Share Price would react accordingly and take care of itself. As it stands the market knows this play will need far more time and cash to complete the current business plan without changes and that’s why the share price is drifting. They need to get cash burn back under control as I see it.

Good luck

@PatientInvestor8 (ex Iceman)

Practically EVERY day you claim to be buying more stock you are second in command to PM2022 for ramping. I suggest your fill your boots now hopefully the bid can go up a bit to allow others a better exit price.

You can always down average again at the discounted placing. I'm betting will land in Mid August to Mid September latest BUT that is only if they can secure support.

Watch this space

NO- You are pointing the finger in the wrong direction. The BOD have not delivered, FACT. they have had decent pay rises and bonus payments despite failing to deliver. Shareholders are losing patience and there is an end to how much cash support you can give, you need to know its spent wisely. This is a business NOT a charity.

Too many things to list frankly but top fck up list for now not limited to:-

* warrants / CENKOS deal 6%

* 201 given away to start up - should be two years into phased trials now not waiting if/they wont they get financed - not our problem and no control.

* FD no fiscal control / resided over crash and emergency placing but still in situ.

* No BOD support for the shares/ no interest in buying. Stella's "Gerald Ratner" moment, Suzy's "i have my family" to think about moment.

* Focus on building a lab rather than drug pipeline, no new drugs for evaluation, had they added 6-8 new for future evaluation a year ago we would be further down the line now, again more lost time that needs making up, again at cost to the shareholder.

The list goes on. You can draw a perfect diagonal line downwards on the share chart from Nov 21 when they dropped the 201 bombshell.

I question how hard they have worked frankly. AND you wonder why some are losing interest??????????????

@nomlungu

You are kidding yourself. The discounted placing is happening, its bolted on now, end of. There is no alternative. That's IF they can get support. IF they leave it to the death i am not sure they will get it away at 5p. Could well be 3.5p now or lower. If that placing is not sorted by September they are possibly up the creak without a paddle as i see it. They need the cash and it needs sorting and it will be a challenge.

Think about it, why would you chuck cash in this climate at a business with this ridiculous cash burn with a minimal pipeline now, knowing you will need to add again first half of 2024 if they don't raise enough?

IF you follow PYC you can see that even with a 50% discount Jim failed to secure the retail support. Retail appetite to invest is minimal in this sector currently not to mention they have passed the begging bowl out too much, everyone is already in. If labs got half a million of orders, not likely, its like two month's cash burn and clients will want terms on payment especially biotech's under financial pressure not to mention discounted deals they may need to do to win business against the volume of competing CRO's in the market.

Sorry, not what you want to hear but the placement will be heavily discounted it can't be avoided. I stand by 5p but fear it will be less due to the dire market conditions.

Pork's

Can some of you show some consideration to fellow investor Metom who has gone through a lot of pains here and not be so dam rude to the guy. Show some compassion, he has been materially let down here.

Rather than blame posters, its the BOD that make he calls, nobody else, you can say what you like about me, i have a thick skin, i don't give a fig but just remember, you don't know what's going on in some peoples lives and some might not cope as well with unnecessary personal comments

#Kindness Counts

@PM2022

You say:-

"Porky your just proving why nobody here should trust you. Obviously Adam is allowed access to certain information and can sign NDA but obviously you know this."

NO NO and NO again, he can't be advantaged with ANY confidential information, NDA or otherwise that other shareholders are not able to access. FACT stop spreading this utter nonsense. Adam is NOT on the BOD. He bloody well needs to be but that is a different debate.

let me explain further: lets say Adam said, Suzy let me see where you are at with 201 and THX and then having reviewed it thought, OMG this lot are never going to get the cash, could really affect the SP i best reduce my exposure here and dumped some stock. That would be insider dealing - ie as a shareholder he has accessed something that other shareholders haven't thus giving him advantage over other shareholders.

You can't do that. IF as a member of this scientific advisory panel he wants to contribute new ideas for the lab fine but he cant interrogate anything existing that is not fully detailed already in the public domain. Its how it is.

The consequences for both him as an individual and the directors of Valirx are severe if this line is crossed. Not going to happen.

@Paternostpauper

You go for it sunshine, attack the poster rather than address the glaring issues or counter my points made. Enjoy the hype. Enjoy your echo chamber.

No sugar coating it, the 201 situation is an utter shambles, the board needs restructuring, capital markets are dire, biotech sector is under more pressure than most, they need more cash to fund operations and frankly after 15 placements, three 125:1 consolidations, 5 placings under Suzy with placement number 6 any moment IF they can get it over the line, the only thing they have proven is how good they are at spending cash £34m to date is it? and how bloody good they are at raising funds, veterans at it frankly!

Oh and paying bonuses with placing cash, come on..... and this is also good???? And Adam thinks its good to maintain the status quo??

Meanwhile, PM2022 is still ramping fantasy... that's the ONLY reason i posted today, just to bring perspective to his constant nonsense.

@PM2022

Stop posting mid 24, it was Feb 24 prior to buying the Imogen assets. They need to get the placing away ASAP but that's IF they can secure support. Big IF in this market.

* We need an honest conversation around 201 and THX. They need to dump THX but IMO the conversation is being avoided as to do so now would totally destroy the boards remaining credibility and crash the share price. Not a good idea with a placing due.

* Opportunity missed to dump the dead wood from the board and moreover due to the focus on labs rather than pipeline for evaluations, its like 18 mths of time wasted. Just like the time wasted on not getting 201 to trials, you can't get that back.

* Had they put 6-8 new prospects on the pipeline a year ago we would have that in progress now rather than nothing. The focus mainly on labs has come at a big cost for Shareholders IMO and will continue to do so. Hence why the board are NOT buying.

* The market is saturated with CROs so they need a solid offering and will need to invest heavily in sales and marketing to win clients over. This will take a long time for sure.

Longer they leave the placing, cheaper the price will be as I see it. In this market there needs to be a clear focus on what's important. We need some cost control for sure and we need board changes.

Its now a case of letting this run its course. The BOD wont curb spending as i see it. Placing cash has come all to easy and a change in ethos top down is desperately required.

Good luck

@Legalwolf

Scratching my head... if your supplier is not fulfilling obligations under a LOI why isn’t Lorna looking for an alternative rig supplier and simply saying, forget legals and all that crap, unless you can confirm you can meet obligations by x date we are going with an alternative?

Problem is in this region you only have so many months of the year where you can spud effectively due to the rain season and with a limited number of rigs in the region looks to me too easy for someone else to come along and make a better offer. HE1 can not afford to miss this Q3 spud window

Why they have made this situation so complicated is beyond me, Just go and ship the rig to where it needs to go? Or is the issue it needs to continue the work where it is?

Just playing Devils advocate here but there are lots of brown envelopes and dodgy deals in this part of the world, is it possible that someone somewhere in the chain at SOFRI is deliberately trying to prevent this rig going into operation on the basin?

After all, the longer they are prevented from drilling, the more cash burn, cheaper they are to acquire. Potentially, IF and it’s a big IF they are sitting on what could be one of the worlds largest Helium basins and it’s found extractable there are a lot of competitors that won’t like it that’s for sure.

Makes you think...

Unfortunately, the mere fact that the PI placement section couldn't get filled at 1p means that currently there is little appetite to buy shares at that level. There are no takers at 1p at the moment.

Its a travesty really but market conditions are just dire all around. Jim can turn this around I'm sure but its the high CAC and constantly having to win new business at a time when the biotech sector is battening down the hatches and preserving cash that's the issue here. Consultancy businesses really suffer per sae in these market conditions as its the obvious place where clients will cut back.

I really feel for Jim, he is a likable character and really wants to make a difference and he is not taking the p@ss with excessive pay or benefits like many on the market. If there is any justice the guy should be rewarded for that.

The guy needs more support but based on where they are financially they are forced to reduce overheads really until market conditions improve. A merge with a player that would allow them to streamline operations and benefit from greater capacity would be the obvious answer here.

I have said all along, this has Valirx written all over it, its a perfect commercial fit as both sides would benefit without doubt. The problem is that Valirx has its own set of issues, they have gone and bloated their cash burn and because they now need to rase funds for that, shareholders are unlikely to support an acquisition of PYC adding to more dilution on top which is a shame as its such a great fit - but this is what needs to happen as i see it.

Alternatively merge it into another CRO better funded? Otherwise, Jim's going to have to pull a rabbit out the hat and do a mix of both, some streamlining and trying to get some contract additions over the line to stay liquid.

I'm going to give some more thought to this one, there are many positives, we cant allow PYC to fail.

@Pm2022

You are totally clueless - Sorry but it needs saying.

Investing is about Risk/Reward and potential ROI

A poor Director does NOT wake up the next day and suddenly become a good one.

Anyhow, good luck to you.

@ABftse

The spread is practically 20% numb nuts

Look i hope you all do well in the long term. Jeeze life is far too short isn't it. I am genuinely not wanting to upset posters just being totally realistic. This will take time and much more cash based on its current business plan.

Take care.

@Goomer

Market conditions have changed significantly.

@TDK

I believe i can do a lot to help this business but not in this format. Significant changes need to be made to the board, i consider it uninvestable in its current format. Why Adam voted the status quo is absolutely beyond me. But it remains close on my radar.

Will see where we are at the end of this FY, by then i just hope we have some honesty regarding the 201 position and a decision is made.

NB.

When Val placed at 10p the SP fell from 18 to 12 to 10 within two days to the confirmation.

Over at PYC Jim has just had to take 50% discount 2p to a 1p placing

Likewise rest of the market

VAL at 8p i would say will be tough to secure 5p

4p placing or back to 3.5p April 21 level a real possibility now unless they move quick.

If they leave until close to lights out, right until the wire then brokers can drive a harder bargain. That's not personal its business.

@Goomer

If i were you i wouldn't be so smug...

Val will need to place and based on current market conditions i would say 5p is going to be difficult to secure

If they can get it over the line Nick can support that if he want's but without BOD changes i doubt he will frankly.

If they can't secure 5p it will it will place lower.

It wont matter which, it will just result in a few more shares in issue

Watch this space

@PatientInvestor (AKA Iceman888)

Your ridiculous ramping has a lot to do with it,

You are only pumping now to get out at less of a loss having down averaged including some recent stock at 7.2 that you are also down on.

You cherry pick what you want to ramp whilst ignoring the fundamentals here.

Its easy to point blame at a poster with an alternative view than it is to hold the BOD to account for the dire decisions made.

I give up. I will leave your little ramping club to it

You are just hell bent on insulting posters rather than addressing the fundamental issues of this business.

I say let the board remain unaccountable, spend spend spend, and let’s just continue the spend/raise/spend/raise/consolidate cycle. Further, I don’t want the board buying any stock they have their own family’s to think of and I suggest a jolly good bonus should be order for all of them again, after all their continued sterling performance deserves this and it would be wise to do so before the cash completely runs out at the end of the year however not to worry as they can get more cash anyway just need to issue more shares at any price, no problem.

After all you all voted to maintain the status quo so good luck to you. Happy ramping.

HD

Why do you claim George and Satu were deliberately trying to make the business go bust???

The board today is practically the same, Only Kevin is new to the company and Stella who was the recent NED appointment, Cash burn is now back up to where it was prior to the ATL

Suzy has gone from 60k a year to 160k, Kevin just got his 17.5k bonus, Even Gerry the FD who resided over the ATL when you claim George and Satu were trying to bust the business is still in situ as FD and resided over the last discounted placing.

Frankly it’s business as usual and you are all funding it...good luck to you.

Let’s see if the get support for the placing at 5p, I think it’s questionable and the clocks ticking.